Invaluable said Tuesday that it has closed $33.75 million in Series D funding. Insight Venture Partners led the round with participation from previous backers Ascent Venture Partners and Commonwealth Capital Ventures. In addition to the funding, Bradley Twohig of Insight Venture Partners, has been added to Invaluable’s board of directors. Based in Boston, Invaluable is an online live auction marketplace.
BOSTON–(BUSINESS WIRE)–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.
“As the market-leader in the online live auction space, Invaluable continues to disrupt the traditional auction industry with innovative new technology and products,” said Twohig. “We are pleased to partner with Invaluable to help fuel the company’s continued growth.”
Invaluable is the world’s largest online live auction marketplace, featuring a live online bidding platform that allows collectors and dealers to bid in real-time in premiere auctions held around the world. As the leading developer of SaaS and e-commerce applications for the auction industry, Invaluable provides auctioneers with marketing and e-commerce solutions across Invaluable and AuctionZip web properties, as well as access to RFC Systems, the company’s auction management software. Invaluable’s best-in-class historical price database includes more than 58 million complete auction results, totaling more than $204 billion in value. Founded in 1989 in Boston, Invaluable also has offices in Pennsylvania and the United Kingdom. For more information, visit www.invaluable.com or follow us on Twitter: @InvaluableLive.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $8 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on Twitter: @insightpartners.