Why gear rental marketplace Lumoid shut down

Lumoid, a tech gear rental startup is no longer in business and its founder Aarthi Ramamurthy is moving on to Facebook.

The startup launched as just a “crazy idea,” when it came out of Y Combinator four and half years ago, Ramamurthy wrote on a Facebook post this weekend announcing the shut down.

Lumoid went on to raise nearly $6 million over the last four years. This spring, the company announced it had inked a deal with Best Buy, which would soon allow customers to rent equipment from the big box store.

“We built something people wanted, accomplished a lot as a small team, had a lot of fun in the process and learned so much,” Ramamurthy said. “…we’re all insane people for doing what we did, and thankful for our investors who believed in us when no one else…

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