Home Decor Flash Sales Site LuxeYard Raises $3.5 Million in Capital

LuxeYard, a home decor flash sales and group-buying site, has secured $3.5 million in new capital from undisclosed investors. The Los Angeles company is also unveiling a redesigned site that allows members to participate in two new ways: First, members can post photos of items that they would like to purchase at a discount; and second, they can drive prices down by encouraging others to buy the product on social networks. The more people who buy it, the less expensive it becomes. LuxeYard will be competing against Gilt Groupe, Rue La La, One Kings Lane, Fab.com and other similar sites.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work