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MaxSold’s mission (to make the process of selling a large volume of goods approachable, quick and fun) is about to grow into new markets and industries, and deepen our commitment to an exceptional customer experience.
Today, MaxSold announced a $16.1 million Series B round of funding, led by Framework Venture Partners with support from Silicon Valley Bank and returning investor, the Canadian Business Growth Fund.
This significant new investment is our third in the past 21 months and demonstrates our continued market value in the recommerce retail space,while decreasing the volume of usable goods that end up in landfill unnecessarily.
Our first raise, Series A, two years ago allowed us to make significant investments during the onset of COVID. We kept our planned technology investments on track with our Seller App, and Seller Portal. We also did a lot of hiring, from building out solid teams in tech and HR, extensive hiring in operations, and in sales and marketing. Finally we made significant investments in marketing to test acceleration into Boston and Toronto. As a result we saw over 80% growth in auction volume.
This Series B funding round will be a continuation of that journey towards our ambitious vision. Recommerce is predicted to grow 11 times faster than regular retail in the next five years and MaxSold is an ever-increasing part of that marketplace. The funding allows us to continue to strengthen our technology platform and to invest more into market expansion so that we can make auctions approachable, quick and fun for more and more people.
At our core, MaxSold is a service and it is a service that often occurs in an emotionally charged context–as many of our auction teams and partners know better than anyone. Thank you to everyone for your excellent work and commitment to our customers–that is what has brought us this far and it is what will carry us through our mission.
Thank you to our partners, investors and MaxSold believers for sharing our vision of connecting sellers of unwanted items with the buyers who want them anyway. I am so excited to work with this group on the next phase of MaxSold’s growth and to help more customers solve the problem of stuff.
Read the full announcement here.
Sushee Perumal
Chief Executive Officer, MaxSold
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