Artfact Live-Auction Marketplace Gets $13 Million in VC Funding
By Ina Steiner
Artfact, a leading online live-auction marketplace, closed on $13 million of growth capital financing provided by Boston-based Commonwealth Capital Ventures and Ascent Venture Partners. Simultaneously, Artfact merged with Auctionzip, the world's largest directory of live auction listings. The company said in addition to facilitating the merger, the growth capital funding will be used to expand product development, marketing, and sales efforts.
Artfact and Auctionzip provide over 16,000 estate auctioneers of all sizes worldwide with a complete range of technology and marketing services including online live bidding, and integrated auction management software. Through their websites Auctionzip.com, Artfact.com, and Invaluable.com, the companies allow 2 million art, antiques, and collectible dealers and collectors access to search over 160,000 estate auctions each year with a combined value of over $25 billion.
Adam Kirsch, Chairman and CEO of Artfact, said the company is planning to launch Auctionzip Live and an SaaS version of its RFC auction management software in 2010. Steve Johnson will continue as Auctionzip's President, and each company will maintain its distinct brand, website, and office location in Allston, Massachusetts (Artfact), Bedford, Pennsylvania (Auctionzip), and the Isle of Wight, U.K. (Invaluable).
About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to email@example.com.
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