The Amazon of Vintage Furniture.
Raised to Date: Raised: $179,902
Rolling Commitments ($USD)
Consumer Products, Goods & Services
San Diego, California
Or it was -- until Loveseat came along! Loveseat offers customers the chance to buy high-quality vintage furniture at affordable prices through a unique hybrid combination of online and offline shopping. No longer do you have to sort through dusty thrift stores or be scared to meet your Craigslist vendor. With Loveseat, you can easily purchase your vintage furniture directly online, or you can shop in one of their warehouses to try the item out, and then have it delivered. Voila!
Right now, Loveseat is only serving the Southern California area, and they have two warehouses in San Diego and Los Angeles. They buy local pieces to help keep delivery costs low and furniture prices affordable. Their “Loveseat operating system” keeps everything up-to-date, so the second a piece is sold, it’s marked and removed from the online platform or stores. It also means that all of their inventory is always available online and synced in real time.
Their average monthly revenue for the past three months has been over $200,000, and their quarterly revenues have grown 17.5x in the last two years. Loveseat is ranked #1 on Yelp in both L.A. and San Diego, and they sell thousands of pieces monthly. In fact, they’re able to sell every piece of furniture they buy within 40-50 days, while capturing approximately 70% product margin.
Loveseat aims to become the Amazon of vintage furniture and spread nationally, helping millions combine the luxury of modern day shopping with the quality furniture of yesteryear. The two cofounders both graduated from Wharton Business School and are successful entrepreneurs with multiple successful exits from companies like Venmo. Add in the fact that the vintage furniture market is valued at $10 billion, but feels old and dusty, and you realize Loveseat just might be the shiny, new solution that helps people find the vintage furniture they’ve been looking for… with a modern shopping twist.
“Who Should Be Interested in This Offer:”
Do you love unique furniture from the past and adore vintage decor? Do you own an estate sale company and want to work with a company that consistently buys your furniture, which can be the hardest pieces to sell? If these sounds like you, then Loveseat might be the solution for you. With their unique hybrid selling technique that combines online and warehouse shopping, and their high-quality, affordable vintage pieces, Loveseat is a modern company with all the lustre of yesteryear. In fact….they might be just the investment you’ve been waiting for.
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LoveSeat is an e-commerce play that is disrupting the used furniture market, which is a fragmented $10B market. Currently, LoveSeat is based on the west coast but is looking to expand nationally with capital raised in this round of investment.
The team is currently doing over $200K per month in revenue with 67-70% gross margins, just in the San Diego and LA area alone. By combining an in-person show room and an online ordering system, customers can experience the products and have them shipped to their home.
The collection is also curated preventing endless hours of looking through junk to find the best pieces.
The founding team has an impressive track record.
Husband and wife, Chris and Jenny Stanchak are serial entrepreneurs. Chris was a founding advisor at Venmo, and Jenny was employee number 7 at Venmo.
Chris also founded the very successful Ticketleap, which has sold over 30 million tickets to thousands of events. Needless to say, they have a strong track record of getting businesses off the ground and driving customer traction. Expect more of the same with LoveSeat.
At a $8M valuation cap, with ~$2M in revenue this year and with plans to expand nationally this can be a bargain, much like the bargain priced products they sell. The unit economics of 67-70% are also something worth noting, which should only improve as the team continues to scale operations.
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Analysis written by Chris Lustrino on March 26, 2018.