ChannelAdvisor Corp., which helps sellers manage eBay.com auctions and sales, has secured $7 million in funding from eBay Inc. and Kodiak Venture Partners. The company says it will use the funding to expand sales and marketing efforts, fund product development initiatives, and support the company`s entrance into new markets.
It is the second round of funding that ChannelAdvisor has secured since its spin-out from Overture Services Inc. in July 2001. It secured $5.7 million in a first round of funding in January 2002 from lead investor Blue Sky Ventures of Boston, eBay and three smaller local investors.
"ChannelAdvisor continually develops innovative solutions and we look forward to their continued success in helping sellers grow their businesses on eBay," says Randy Ching, vice president of platform solutions for eBay. "ChannelAdvisor continually develops innovative solutions and we look forward to its continued success in helping sellers grow their business on eBay."
ChannelAdvisor’s clients range from smaller sellers who sell only on eBay up to Fortune 500 companies, such as IBM Corp., Motorola Inc., Sears, Roebuck and Co., Best Buy Co. Inc. and Dell Inc. "ChannelAdvisor has created a revolutionary and cost effective way for small businesses to the Fortune 500 to manage product throughout the entire product lifecycle," says John Abraham, venture partner of Kodiak Venture Partners. "With superior technology, significant customer traction, and a mature, highly experienced management team, ChannelAdvisor has already proven itself as a clear leader in marketplace management software and services market."
ChannelAdvisor offers ChannelAdvisor Enterprise for large manufacturers and retailers who want to open an eBay sales channel or on Amazon.com`s Merchants@ e-commerce platform. It also offers technology that allows manufacturers, distributors and wholesalers to sell products on their own branded, private online marketplace to channel partners or resellers and technology that enables retailers and manufacturers to syndicate their product catalogs to multiple portals, shopping engines and content sites. Its ChannelAdvisor Merchant software gives mid-size businesses and large-volume sellers an automated way to manage and grow sales on eBay and other online marketplaces. ChannelAdvisor Pro, a web-based application for low- to mid-volume sellers, helps organize inventory, track auctions and manage sales.
"We view marketplace management software and services as a significant catalyst that is influencing the way retailers and manufacturers think about their online strategies," says Scot Wingo, CEO and president of ChannelAdvisor.