AuctionDrop has raised more venture capital funding in order to expand its retail consignment service. AuctionDrop announced it has completed a $2.5 million round of funding led by Mobius Venture Capital and Draper Associates, bringing the total raised to over $3.0 million.
AuctionDrop is a consignment-sales service in the San Francisco Bay area founded last year. Consumers can drop off goods at the AuctionDrop retail store, and the company will sell the goods on eBay for a commission fee. The first retail location opened in March 2003.
Plans are underway to open five additional San Francisco Bay Area locations. The San Carlos headquarters will act as a hub for the Bay Area from which all professional photography, eBay listing, payment processing, shipping and returns will take place. Los Angeles is scheduled to follow by fall and AuctionDrop has plans to open its New York location by early 2004.
The company said that to date, it has listed thousands of items for sale with a 90% sell through rate.
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