Invaluable, formerly known as Artfact, has raised a substantial amount of money to expand their auction platform, including a recently announced partnership with eBay:
Invaluable, the world’s largest online live auction marketplace, today announced that it has raised $33.75 million in a Series D funding round led by New York-based Insight Venture Partners, with participation from existing investors Ascent Venture Partners and Commonwealth Capital Ventures. As part of the transaction, Bradley Twohig, principal at Insight Venture Partners, will join Invaluable’s board of directors.
The new round of funding will further extend Invaluable’s market leadership position, and accelerate growth, as the company works to rapidly scale the live auction industry. Funds will be leveraged for technology innovation and team expansion, as well as additional strategic partnerships and acquisitions. The capital raise follows a record year for Invaluable in 2013, during which the company experienced a 98 percent increase in gross merchandise sales.
“We experienced exponential growth in 2013, and this funding will help us continue to revolutionize the live auction industry even more rapidly,” said Invaluable CEO Rob Weisberg. “We are thrilled to be working with Insight Venture Partners, whose team brings additional expertise with respect to growing and scaling an online technology-driven marketplace.”
The news of the funding comes on the heels of several large partnership announcements for Invaluable, including the launch of an exclusive partnership with eBay to make auction catalogs available for online bidding by eBay’s 145 million active users through their new live auction platform. In April, Invaluable also announced an exclusive agreement with EpaiLive, Asia’s leading online auction platform for antiques and art. Catalogs from Invaluable auction houses throughout North America are now listed on EpaiLive’s platform, with guaranteed payment from EpaiLive’s 100,000 registered users in China.