Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The ancient practice of bartering is alive in the ultra-modern e-commerce world. BarterNet Corp raised $21.3 million in its Series B funding round to expand and develop its Internet trading platform. BarterNet says it is building the largest global B2B marketplace for business barter trading by bringing together existing retail and corporate barter exchanges and linking them through the Internet. Closure of the round increases the amount invested since the company was formed in January to more than $26 million. Led by Trident Capital, this investment group also included Halpern, Denny & Company and existing investors Alignment Capital, Wand Partners, and the partners of Parthenon Capital. BarterNet co-founder, President and CEO Laird Cagan says the funding is an affirmation of BarterNet's business model and clicks-and-bricks strategy. "Linking these premier, profitable exchanges and the businesses they serve via the Internet provides the muscle for serious growth on a global basis, to the benefit of the thousands of businesses already in the network and the tens of thousands to come," Cagan says. BarterNet has affiliation agreements with 19 local exchanges representing over 25,000 businesses. Each exchange plans to merge with BarterNet in the future.