Founder Explains Shut Down of Lumoid, Gear Rental Marketplace

Published By : 11 Dec 2017 | Published By : QYRESEARCH

Aarthi Ramamurthy, founder and CEO of a tech gear rental startup, has moved to Facebook to work on payments after shutting down Lumoid. The startup had been birthed as a “crazy idea,” according to Ramamurthy, about four and a half years before when it emerged out of American seed accelerator, Y Combinator. The closure of Lumoid had been announced via a Facebook post last weekend. Over the last four years, the startup had raised a close to US$6.0 million. This spring a deal with Best Buy had been announced by the startup, where customers would have soon be allowed to rent equipment from the big box store.

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Ramamurthy has been thankful to the investors that believed in her team. She has said that her small team had learned a lot and have had loads of fun during the process of reaching their achievements. The team had built something that people wanted. However, she has continued to say that sometimes the belief of investors, a Best Buy deal, and customer demand are not enough to scale the business. Her startup had not been able to secure the necessary funds to prepare for the Best Buy partnership. Ever since, the startup had worked on finding new roles for its team members, repay some debt, and sell off its owned assets.

The serial entrepreneur has no plans to move back to entrepreneurship; she has recently joined the Facebook payments team. A bittersweet for the founder has been the move on from what might have been called a success if she had some more money and time.

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