Loveseat.com (2018)

Loveseat.com (2018)

Closed: Apr. 2018

About this raise

Vintage furniture is a hot commodity these days. The problem, though, is that finding those amazing vintage pieces can be difficult, frustrating, and time-consuming.

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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Investment Overview

Invested this round: $179,902

Deal Terms

Total Commitments

Platform
Wefunder
Start Date
11/29/2017
Close Date
04/30/2018
Min. Goal
$50,000
Max Goal
$1,070,000
Min. Investment

$100

Security Type

SAFE

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$8,000,000

Discount

0%

Company & Team

Company

Year Founded
2015
Industry
Consumer Products, Goods & Services
Tech Sector
Distribution Model
B2B2C
Margin
Capital Intensity
Location
San Diego, California
Company Website
Visit Website

Team

Employees
18

Financials

Financials are not currently available for this company. This may occur if the company is still Testing the Waters, is a Regulation D offering, or if the financials are still under review and being confirmed by our team. For Reg CF and Reg A+ raises, please check back later.

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Analyst Report Analyst Report Methodology Article

Overview

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.

Next Section: Other

Early Results

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.

Next Section: Other

The Team

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.

Company Funding & Growth

Funding history

Close Date Platform Valuation Total Raised Security Type Status Reg Type
12/09/2019 Wefunder $7,000,000 $242,847 SAFE Funded RegCF
04/30/2018 Wefunder $8,000,000 $179,902 SAFE Funded RegCF
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Growth Charts

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Employee History

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Loveseat on Wefunder
Platform: Wefunder
Security Type: SAFE
Valuation: $8,000,000

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