Retail

eCommerce Marketplace Bids.com Raises More Than $1.7M

Bids.com Raises More Than $1.7M

eCommerce marketplace Bids.com notched more than $1.7 million in funding, exceeding its initial funding goal of $1 million for a first-round valuation of $10 million, according to an announcement. The company said it is gearing up for its second round of financing that “currently values the company at $30 million.”

Bids.com said the investment rounds will let it “further capitalize on its position as a leader in e-commerce” and assist it in growing its platforms to entrepreneurs in other countries.

Online shoppers can find a variety of products such as jewelry, high-end fashion, household goods, beauty items, toys and electronics, among other items, on Bids.com per the company.

The company said it was also getting ready for the “imminent release” of a new marketplace for third-party sellers via its own technology, letting sellers, as well as entrepreneurs, of various sizes make individual stores off of its platform.

“We are pleased to announce a highly successful first round of funding with strong demand and look forward to welcoming new investors for the second round,” David Zinberg, founder of Bids.com, said in the announcement. “Our imminent release of opening our market to third party sellers is well-timed with the rapidly increased demand for e-commerce shopping. As our capital grows, we will be able to support and provide our entrepreneurs with the tools to succeed in an environment that is quickly moving from brick and mortar to online.”

In separate news, Software-as-a-Service (SaaS) company Ecwid raised $42 million in a funding round led by Morgan Stanley Expansion Capital in addition to PeakSpan Capital per news in May. The firm provides small and medium-sized businesses (SMBs) with eCommerce technologies and allows them to create a digital storefront.

Ecwid said it has signed up more than 1.5 million SMBS in more than 175 countries, noting that is has experienced “significant growth over the past two years.”

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