Top Deal: An E-Commerce Play For Vintage Furniture
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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.
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.
Wall Street has Morningstar, S&P, and Bloomberg
The equity crowdfunding market has KingsCrowd.
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.
The Valuation
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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About: Chris Lustrino
A Boston College Eagle for life, on a mission to democratize startup investing for all people at KingsCrowd, with a passion for Fintech, investing, social impact, doing well and doing good, and an avid runner, cyclist and writer.