Canadian Business Growth Fund has made a follow-on investment in MaxSold, a Kingston, Ontario-based online platform for selling home contents. No financial terms were disclosed. CBGF initially invested last year. MaxSold has also raised financing from BDC Capital’s Growth & Transition Capital division.
TORONTO, Feb. 23, 2021 (GLOBE NEWSWIRE) — MaxSold, North America’s leading online downsizing marketplace announced today that it has received a follow-on equity investment from its current investor, the Canadian Business Growth Fund (CBGF).
The follow-on investment represents a continued belief in the MaxSold team who have executed on their growth plans since CBGF’s initial investment in May 2020. MaxSold will use the proceeds to continue to grow its team, for market growth initiatives, and for research and development of new products including a new app, AI, and augmented reality.
“Thanks to CBGF, we have been able to expand and develop our core team and build our market presence substantially,” says Sushee Perumal, CEO of MaxSold. “We are grateful to have this support especially since it comes at a time when so many businesses are faced with unprecedented challenges.”
This past year, MaxSold was named on the Financial Times list of The Americas Fastest Growing Companies and The Globe and Mail’s list of Canada’s Top Growing Companies, recognizing the growth they have achieved in the last few years.
“I am proud of the accomplishments that Sushee and his team have achieved since May, and we look forward to continuing to support the business as they continue to grow throughout North America,” says George Rossolatos, CEO of CBGF.
In 2020, MaxSold recorded a double-digit growth in sales and gained popularity due to consumer focus on safer means of household decluttering and downsizing. The company also initiated a new corporate social responsibility project to assist the charitable and non-profit sector during COVID-19.
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MaxSold is Canada’s leading online platform for selling home contents quickly.
MaxSold handles the technological side of selling used goods, including online marketing, payment collection, bidder support and receipts for all sellers whether they’re individuals looking to sell their personal possessions, or partner sellers such as professional auctioneers, move managers, estate planners and real estate advisors. In terms of clearing contents from a house, MaxSold is the easy and fast solution, while recovering maximum value for items.
The company has grown substantially, now serving thousands of clients annually with a strong existing presence in 35 metropolitan areas across North America. MaxSold has become a national and trusted brand for re-selling large volumes—whether through an estate sale, downsizing or decluttering project.