Online auction site Bidville announced it has completed a private placement raising $2,200,000 through sales of its restricted common stock. The funds have been received by the Company and are to be used for working capital.
"This financing will assist the company in the execution of its business plan and its continuing efforts to gain substantial market share in the online auction industry, making Bidville a viable alternative to eBay," stated Gerald C. Parker, chairman of Bidville Inc. Parker co-founded search site Inktomi, now owned by Yahoo.
Royal Palm Capital Group Inc., a private investment company located in West Palm Beach, Florida, acquired Bidville in September 2003. In December, American Recreational Enterprises, Inc. acquired the auction site through a reverse merger, after which the company changed its name to Bidville Inc. and changed its stock ticker symbol to BVLE.
Bidville has 80,000 registered users and 1.2 million listings. Bidville has a fixed-price "Take It" feature and plans to add storefronts in the future. A spokeswoman said a large portion of the money raised will go toward marketing and advertising the site, in addition to technical improvements on the backend and improving search.
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