Lumoid, a startup founded to help Best Buy offer gadget rentals has shut down after four-and-a-half years.
The startup graduated from the Y Combinator incubator program in 2013 and went on to raise a few million dollars in venture capital. The business model was interesting: Best Buy would provide Lumoid with some of its “open-box” inventory to use as rentals. Best-buy’s “open-box” products in good condition returned by customers. The big-box retailer was supposed to start advertising the rental service on its site in late June and send shoppers to Lumoid to complete the transaction.
The founder and CEO, Aarthi Ramamurthy wrote about the shutdown in a facebook post
4.5 years ago, I bought the Lumoid domain name and applied to YC with a crazy idea. We built something people wanted, accomplished a LOT as a small team, had a lot of fun in the process and learned so much. I’m forever thankful to my team – let’s be real – we’re all insane people for doing what we did, and thankful for our investors who believed in us when no one else did. And to Sriram for supporting me when my family basically thought entrepreneur is another word for ‘unemployed’ 🙂 And, finally, special thanks to our advisor + friend Katrina Lake for helping us get as far as we did, in spite of having a busy few years (taking a company public NBD 🙂) herself. Over the last 4 months, we gradually wound down Lumoid, sold off assets, and helped the team transition as best as we could.
I met Deborah and Fidji at the Women in Product conference and then met John and spoke to them about some of the awesome things they are building at Facebook. To cut a long story short, I just finished my first week at Facebook, and it’s been a whirlwind in a very good way – I’m working with an incredible team and I’m so excited to go learn and ship some good products here!