cMarket Inc., a leading provider of charitable online auction services for the non-profit community, announced it has closed a $10 million financing agreement with Canaan Partners and Morningside Ventures. General Partner Stephen Green, a fourteen year veteran of Canaan, with considerable experience in the non-profit technology sector, will join the cMarket board.
cMarket's online auction service enables fundraisers to raise funds while engaging their constituencies. cMarket's fundraising platform consists of three parts.
A hosted auction toolset that enables non-profit customers to easily create, manage and market their own branded auctions.
cMarket Place that lets non-profits stock their auction catalogs with unique items that sell, available at a low wholesale cost. (The non-profit keeps all monies above the opening bid.)
The cMarket database of behavioral and transactional profiles on almost 1,000 completed auctions in which over 20,000 items have been sold; mining this proprietary database provides insights that empower the company to build auction best practices into its platform.
Jon Carson, chairman and chief executive officer of cMarket, said, "Going forward, our mission is to accelerate sales and marketing, and significantly expand cMarket's customer base."
cMarket said it has created, marketed and managed highly-successful online auctions for over 850 clients over the past 3 years.
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