Lumoid Shuts Down Just Months After Inking #Best #Buy #Camera Rental Deal
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Lumoid Shuts Down Just Months After Inking #Best #Buy #Camera Rental Deal
There’s main consolidation happening within the US digital camera gear rental trade. Lumoid, a digital camera and tech gear rental startup, has introduced that it’s closing up store, lower than half a yr after signing a take care of Greatest Purchase to supply gear leases by way of the enormous retailer.
Lumoid founder Aarthi Ramamurthy posted a message on Fb asserting the closure and saying that she’s moved on to a place at Fb.
The startup was born four.5 years in the past after Ramamurthy registered the area title and utilized to the YCombinator seed funding program. She and her staff went on to boost $5.9 million in funding and financing over the previous couple of years.
TechCrunch stories that regardless of forming a partnership with Greatest Purchase, Lumoid was unable to acquire the cash wanted to accumulate sufficient gear for the deal.
So as an alternative, the choice was made to wind down the enterprise. Ramamurthy says the startup spent the final four months promoting its belongings and mental property.
Earlier this month, Lensrentals and LensProToGo introduced a merger, forming a juggernaut within the US digital camera rental market. One other large participant within the area is BorrowLenses, which was acquired by photograph e-book big Shutterfly in 2013.
