Buyingedge.com Gets $10M Equity Investment
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It was joined by Wand Partners Inc., the leading institutional investor in IMA, Amicus Capital LLC and Madrona Investment Group LLC.
Specifics are $7.5 million from @Ventures, $2.0 million from Wand Partners Inc., and a combined $0.5 million from Amicus Capital and Madrona Investment Group,. Proceeds from the financing will be used as working capital for technology development and for marketing and business development initiatives, the company said.
Membership is free to the buyer. Unlike sites that require consumers to name their price and commit to making a purchase, buyingedge.com enables consumers to consult vendors, solicit more competitive pricing, or terminate the transaction at will. It claims more than 20,000 buy-side members.
Gary Martino, chairman of the board for IMA, will serve as chief executive officer of buyingedge.com and Al Subbloie, chief executive officer of IMA, will serve as chairman of the board for buyingedge.com. Brad Garlinghouse, general partner with @Ventures, and Eric Jeck, of Wand Partners, will each serve as a director on the buyingedge.com board.
"Buyingedge.com is revolutionizing the e-commerce business model by giving the consumer the opportunity to benefit from competitive bidding in an open and truly interactive buyer-driven marketplace," said Garlinghouse. "This is an unparalleled market opportunity and buyingedge.com is way ahead of the competition."
IMA is a provider of enterprise software.