Secures $15 Million, Partners with 24/7 Media

In its third round of funding, raised $15 million, for a total of $22.5 million in 15 months. Third round investors included Robertson Stephens’ affiliates, T.I. Capital and XL Ventures. plans to use the funds for what Douglas Augustine, chief executive officer, president and co-founder, refers to as the company’s top four priorities.

“We will add to our personnel all across the company, doubling our employee count by year end to a total of 120,” he said. “We will also use the money to build out our B2B e-commerce platform to provide further value to our customers, build out our distribution channels and form additional strategic relationships with others who can add value to our customers or can put us in a new market.”

The San Diego, Calif.-based company is a B2B provider of easy-to-use e-commerce infrastructure solutions including auctions.

ASP-News learned that will announce next week its reseller channel partnership with 24/7 Media. “24/7 Media will serve as a distribution channel for us by offering our e-commerce platform,” Augustine said. “We will also offer their services through our network of customers.”

According to Augustine, the company once saw FairMarket, OpenSite and as competitors. “We now have more customers than they do combined,” he said. “People are looking for a Web-based solution and we have gone from being an auction functionality to using the auction function as our entrance into e-commerce.”

Augustine explained that any client interested in hosting an auction can visit the site and within an hour have a fully functioning auction within their Web site. “It becomes a fully integrated tool for maximizing the value of their business,” he said.

The fees are transaction based, with no set-up or monthly fees involved. The average fee paid to is 5% of the auctioned item’s purchase price. “But we negotiate with people who are doing large volume,” he said.

News Around the Web