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Startup Cemetery

A big resource for entrepreneurs and startup owners, in which we have collected and analyzed why +100 big companies have failed. Learn from mistakes, and avoid being part of the 90% of businesses that fail.

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Move Loot

Furniture online marketplace

General Information
Category
e-Commerce
Country
United States
Started
In 2013
Business Failure
Business Outcome
Shut Down
Closed
By 2016
Cause of Failure
Bad Business Model
Founders & Employees
Number of Founders
Four
Name of Founders
Bill Bobbitt, Jenny Karin Morrill, Ryan Smith, Shruti Shah
Number of Employees
Between 51 And 100
Funding
Number of Funding Rounds
3
Total Funding Amount
$21.8M
Number of Investors
18
Description

Move Loot was a San Francisco based online resale marketplace for furniture. The company’s online market stage was designed with the goal of productively offering, purchasing, stockpiling and delivering second-hand furniture to its customers. Its focus was to meet the requirement for furniture transfer and urge individuals to reuse furniture while expanding the day and age in which furniture was utilized. Its target was on persons who needed to move houses and sell their furniture or those who desired to revamp their household furniture.

Cause of Failure

Move Loot officially closed down in July 2016. One of the key issues pointed out was its poor plan of action. They selected to work a substantial furniture stockroom without precisely thinking about the expenses of running it and the assessed benefits. Thus, costs continued soaring while benefits stayed low. The startup also tried to expand and grow to New York and Los Angeles in the expectation of accepting some guaranteed financing. This lopsided cost – income condition prompted mass lay off of its employees.

Move Loot tried to move quickly it and attempted to aggressively scale up to its vision may be a little too fast. Move Loot would bounce starting with one model idea and then dive onto the next one before basically evaluating if the past model even worked. After some rumors of an incoming partnership and acquisitions that never materialized, poor customers review and massive internal layoffs, Move Loot had to officially bring its operations to a stop.

Go on Reading

Design Inc.

Marketplace for high-quality design work

Design
Shut Down
$2.3M
Bad Business Model
Design
United States
In 2016
By 2017
Two
Between 1 And 10
Between 1M 10M
Bad Business Model
Shut Down
Move Loot

Furniture online marketplace

e-Commerce
Shut Down
$21.8M
Bad Business Model
e-Commerce
United States
In 2013
By 2016
Four
Between 51 And 100
Between 10M 50M
Bad Business Model
Shut Down
Dinner Lab

Membership-based social dining experiment

Food and Beverage
Shut Down
$9.1M
Bad Business Model
Food and Beverage
United States
In 2011
By 2016
Three
Between 11 And 50
Between 1M 10M
Bad Business Model
Shut Down
Anki

Building emotionally intelligent robots

Software and Hardware
Shut Down
$182M
Lack of Funds
Software and Hardware
United States
In 2010
By 2019
Three
Between 101 And 250
More Than 50M
Lack of Funds
Shut Down
HitMeUp

Developed mobile marketing applications

e-Commerce
Shut Down
£50K
Lack of Experience
e-Commerce
United Kingdom
In 2011
By 2015
One
Between 1 And 10
Less Than 1M
Lack of Experience
Shut Down
Kno

Education software startup

Education
Acquired
$94.9M
Competition
Education
United States
In 2009
By 2013
Two
More Than 10000
More Than 50M
Competition
Acquired
This is Brought to You by:
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NoGood

Your on-demand growth squad for SaaS, B2B, and eCommerce brands.

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Get fast, reliable web, mobile and software development help 24/7.

Acadium

Acadium

120 hours of digital marketing from a remote apprentice for only $299 (+ $50 off!).

This could be your AD. Sponsor Startup Cemetery to reach +10,000 entrepreneurs.

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