Lofty operates a peer-to-peer online marketplace and iOS mobile app that lets users upload photos for free virtual appraisals, list items for auction or immediate purchase, and sell directly to buyers. The platform accepts items valued from $500 to $50,000 and offers free estimates across 76 categories with evaluations from a network of more than 80 experts. Sellers keep items until they sell; Lofty provides concierge pickup, professional packing and shipping, and a five-year authenticity guarantee. The company runs rolling auctions every few weeks, mobile bidding and a ‘buy now’ option, and charges roughly half the commission of traditional auction houses. Operational metrics cited include appraising more than 1,000 items per week and maintaining a return rate below 0.05 percent. Lofty plans an Android release after its initial iOS launch.

Total raised

$3M

Funding rounds

1

Latest round

Seed

Latest activity

Oct 2014