AuctionDrop said it secured an additional $3 million in venture capital funding from Mobius Venture Capital and Draper Associates, bringing the total to over $6.5 million. The eBay drop-off consignment store will use the new round of funding to begin national expansion. It will open its first Los Angeles stores in the first quarter of 2004.
AuctionDrop also announced the appointment of three new members to its Board of Directors: Jerry Gramaglia, entrepreneur-in-residence at Arrowpath Venture Capital; Ron Johnson, senior vice president of retail at Apple; and Phil Schlein, partner at U.S. Venture Partners. They join Heidi Roizen, managing director of Mobius Venture Capital and Timothy C. Draper, managing director of Draper Fisher Jurvetson.
