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Total amount raised
$3.92M
Latest funding date
2017-06-10
Location
Lugg has successfully raised funding through three rounds, with backing from 13 investors, including notable names like CSC Upshot and Sequoia Capital. The company offers an on-demand service that connects users with professional movers and delivery personnel via a mobile app.
What Is Lugg?
Lugg is a San Francisco-based company that offers on-demand moving and furniture delivery services. The company connects users to a truck and two movers instantly through its mobile app, making it easy to move anything with the push of a button.
Operating in multiple industries, including Collaborative Consumption, E-Commerce, Media and Entertainment, Mobile Apps, and Transportation, Lugg has a small team of 1-10 employees. The company has raised funding across three rounds, backed by 13 investors, including notable names like CSC Upshot, Sequoia Capital, A.Capital Ventures, SV Angel, and Y Combinator. As of May 2024, Lugg filed for Chapter 11 bankruptcy protection in Delaware.
How Much Funding Has Lugg Raised?
- Seed Round (Y Combinator)
- Amount Raised: USD 120,000
- Date: August 2015
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of Lugg's on-demand moving service as part of Y Combinator's Summer 2015 batch.
- Seed Round
- Amount Raised: USD 3,800,000
- Date: August 26, 2015
- Lead Investors: A.Capital Ventures (Ronny Conway)
- Other Participants: SV Angel, Sequoia Capital, Tuesday Capital (CrunchFund), Soma Capital, Paul Buchheit, Sam Altman, Greg Brockman, Oliver Jung, Wei Guo, UpHonest Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and grow into new cities, as well as to enhance the app by adding support for Android.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2017
- Lead Investors: Not publicly disclosed
- Other Participants: CSC Upshot (confirmed participant)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further support the growth and development of Lugg's services.
Total Amount Raised: At least USD 3,920,000 based on disclosed funding. Note: PitchBook reports a total of approximately $5.58M, suggesting additional undisclosed amounts across rounds.
Current Valuation: Not publicly disclosed
Key Investors
- CSC Upshot
- Details: CSC Upshot is a venture capital firm that focuses on early-stage investments. They participated in Lugg's June 2017 seed round.
- Investment Focus Areas: Technology, Internet, Mobile
- Notable Investments: Not publicly disclosed
- Sequoia Capital
- Details: Sequoia Capital is one of the most prominent venture capital firms in Silicon Valley. They participated in Lugg's August 2015 seed round.
- Investment Focus Areas: Technology, Healthcare, Consumer
- Notable Investments: Apple, Google, Airbnb
- A.Capital Ventures
- Details: A.Capital Ventures is a venture capital firm led by Ronny Conway. They led the $3.8M August 2015 seed round for Lugg.
- Investment Focus Areas: Technology, Internet, Mobile
- Notable Investments: Not publicly disclosed
- SV Angel
- Details: SV Angel is a seed fund that has invested in numerous successful technology startups. They participated in Lugg's $3.8M seed round.
- Investment Focus Areas: Technology, Internet, Mobile
- Notable Investments: Twitter, Airbnb, Dropbox
- Y Combinator
- Details: Y Combinator is a startup accelerator that backed Lugg in its Summer 2015 batch, providing the initial $120K seed investment and mentorship.
- Investment Focus Areas: Technology, Internet, Mobile
- Notable Investments: Dropbox, Airbnb, Reddit
What's Next for Lugg?
As Lugg looks to the future, the opportunities for growth are substantial. The company plans to expand its services to major cities like New York and Los Angeles, tapping into a larger market. Partnerships with retailers such as Costco, IKEA, and Home Depot will further enhance their customer base, providing quick delivery options for large items.
With the recent $3.8 million seed funding, Lugg is well-positioned for future fundraising rounds aimed at technological development and market expansion. The growing demand for on-demand services and the gig economy's rise present a favorable environment for Lugg's continued success.
However, challenges remain. Competition from larger players like Uber could pose a threat, and ensuring the quality and reliability of movers will be crucial as the company scales. Managing operational logistics in new cities will also require careful planning and execution.
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