Loom Raises $1.4M Seed Round…And Yes They Own Loom.com

Loom.com

I always love to hear stories of startups that start with one idea, learn more about the market, and then iterate or pivot to focus on where they find the real opportunity. It can be hard to do, it’s just human nature to never give up, keep trying to make something work, rather than taking a step back and learning how you could tweak your idea to do something that really resonates with people.

Y Combinator-backed Loom.com did just that, starting as a photosharing startup called Popset and evolving into a viable alternative to iCloud.

“co-founder Jan Senderek explained the team had realized that they were trying to solve the wrong problem with Popset – people weren’t lacking tools for group photo-sharing, but they did need a better way to organize and manage their photo libraries. Thus, Loom was born.” (Source – TechCrunch)

Loom has also started with a very nice branding advantage thanks to a solid domain, Loom.com. It’s not too often that you see a startup with a short, memorable 4L .COM like this right out of the gate but when it happens it means they can charge forward with marketing and not have to worry about a potential brand change later down the road.

Congrats to the entire Loom.com team, it’s hard to admit that you were trying to solve the wrong problem, even harder to pivot and actually change your product, but if you look at some of the most successful startups on the planet, many of them did just this.

{ 6 comments… add one }

  • Francois October 4, 2013, 12:05 pm

    Yes very nice name. When I think startups can now get Poom.com, Hoon.com, … and hundreds catchy short names like this at Catchy.com only for hundred dollars I realize we have done a good job all these years buying such names and convincing owners to list them for sale in such marketplace. Now anyone starting a new biz can can launch it with a terrific catchy name without risk and with a low budget.

    Reply
  • Prashant October 4, 2013, 12:46 pm

    @Francois Yes its very true that anyone can start business on catchy name as Loom.com, Poom.com and many more but they will definitely need very strong and useful business to launch on such catchy domains otherwise they will have to spend a lot on branding.

    Reply
  • Morgan October 4, 2013, 1:47 pm

    @Francois – so true, I think Catchy.com is definitely an incredible resource for startups looking for domains, you’ve done a great job over the years building it up!

    @Prashant – a great team that can execute is key, everything else comes after that. There are plenty of people with great domains and great ideas but without a solid team that can get things done the business won’t get off the ground.

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  • Nick October 4, 2013, 3:44 pm

    Would never sell a 4L.com for a few hundred.

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  • Morgan October 4, 2013, 5:54 pm

    @Nick – sure you would. If you paid $20 for ZXLT.com you wouldn’t sell it for $200 and lock-in a 10x return? There are different categories of 4L .COMs and not all are premium. It’s important to differentiate.

    Most people would never buy a two word .ORG for six-figures but AutoInsurance.org sold for $440,000.

    Most people would never buy a one word .ME for six-figures but Meet.me sold for $450,000.

    Simple point, never say never 🙂

    Reply
  • Maksim October 5, 2013, 2:00 am

    By the way LOOM means “animal” in eastonian language. 🙂

    Reply

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