ChannelAdvisor Corporation, an Auction Management Solutions vendor, announced yesterday that it has closed $5.7 million in funding led by Boston-based Genesis Venture Partners, L.P. (GVP). Other investment firms included in the round were Southern Capitol Ventures, Tri-state Investment
Group and The Atlantis Group in North Carolina and eBay.
ChannelAdvisor offers auction management solutions for small businesses and large enterprises. The company's services allow merchants to sell goods on auction sites and supports eBay, Yahoo Auctions, Amazon Auctions, uBid and
CNET. ChannelAdvisor clients include IBM, Ingram Micro, Acer, Handspring, West Marine, New Vine Logistics, Omaha Steaks. "We have had strong traction in the computer and consumer electronics categories and this round allows
us to not only deepen our lead there, but also expand aggressively into other categories," said Scot Wingo, CEO and President of ChannelAdvisor.
The company was started when ChannelAdvisor's Wingo founded AuctionRover in 1999. GoTo purchased AuctionRover in 2000, and later spun it into ChannelAdvisor Corporation, an independent, privately-held company.
Genesis Venture Partners, LP (GVP) is a venture capital fund formed to provide capital investments and debt placements in small to mid-sized private companies. http://www.genesistf.com
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