Gear rental company Lumoid sells off assets, according to founder

GaryPageau ,

Photography gear rental company Lumoid has ceased operations, according to Facebook post by founder Aarthi Ramamurthy. The news came despite a notice on the Lumoid website saying the business has “paused,” not ceased.

The post states: “I just joined Facebook to work on Payments… 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…Over the last 4 months, we gradually wound down Lumoid, sold off assets and IP, and helped the team transition as best as we could.”

According to Crunchbase, Lumoid’s try-before-you-buy model gained it $5.9 million in venture capital, as well as high-profile partnership with Best Buy. But Ramamurthy, however, told TechCrunch the inability to secure necessary funds to gear up for that partnership led to the closure. “As a result, we decided to wind down the business,” she said.

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Gary Pageau is principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education and corporate relations department.