Loveseat, Inc. reported raising $50,000 in an initial SEC Form D filing, from an offering of $500,000

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In January 2020, the company started having issues with securing inventory and decided to try doing truckloads of furniture returns, and when that worked well, pivoted the company. The company is also looking to bring the same auction model to electronics and apparel in the future. Meanwhile, with every market profitable, the company itself is heading that way as well, Chris Stanchak said. Talia Goldberg, partner at Bessemer Venture Partners, said she doesn’t typically invest in companies with inventory, but the more she dug into Loveseat, the more their model was attractive and answered concerns the firm had of retail-oriented models. Goldberg called the Stanchaks “amazing” and a “great balance in terms of their skillset and ability to be scrappy over the past couple of years.”“The company hasn’t needed to invest in marketing, customer acquisition or retail stores,” Goldberg added. “Once people see the value proposition, they share it and have a fun, gamified experience, which helps to move inventory. Companies like FloorFound have found success in managing furniture returns, but hot on their heels is Loveseat, which also wants to improve that landfill statistic through its unique approach of an online returned goods marketplace where furniture is auctioned off locally.Husband-and-wife co-founders Chris and Jenny Stanchak started Loveseat back in 2013 as a vintage furniture business in Los Angeles and San Diego.