Loveseat

Loveseat operated a managed marketplace targeting the costly problem of returns in the e-commerce home goods sector, a market where nearly 30% of items are sent back. The company was established in 2013 by the husband-and-wife team, Chris and Jenny Stanchak. The founding was inspired by their personal challenges with buying and selling used furniture during a cross-country move. Chris Stanchak brought e-commerce experience from his previous venture, TicketLeap, while Jenny Stanchak was an early software engineer at Venmo, serving as Loveseat's CTO.

The business initially launched as a peer-to-peer mobile marketplace for used furniture but struggled to gain traction. A significant pivot occurred in 2015 when the founders began directly buying and selling inventory from a garage in San Diego, which proved successful. The final business model, launched in 2020, centered on weekly online auctions for customer-returned and overstock home goods sourced from major retailers. This model addressed the significant expense and environmental waste associated with returned bulky items, which are often difficult for original retailers to re-integrate into stock. By acquiring this distressed inventory, Loveseat provided it to consumers at substantial discounts, with customers reportedly saving an average of 70% off retail prices.

The platform functioned as an online auction house where thousands of new items were listed weekly, with bidding often starting as low as $10. This gamified shopping experience was designed to be engaging for consumers looking for deals on quality furniture and home decor. Loveseat managed its own logistics through a network of local warehouses in markets across Southern California and Texas. In March 2022, the company secured $7 million in Series A funding, led by Bessemer Venture Partners, to fuel national expansion. Later that year, in October 2022, Loveseat was acquired by Basic Resources, Inc., a supplier of home textiles. However, reports from 2024 indicate that the company has since ceased operations.

Keywords: returned furniture marketplace, online furniture auction, overstock home goods, liquidation marketplace, reverse logistics, e-commerce returns, sustainable retail, second-hand furniture, discount home goods, Chris Stanchak, Jenny Stanchak, Bessemer Venture Partners, furniture resale, home goods auction, circular economy, online bidding, warehouse sales, retail liquidation, distressed inventory, used furniture