Online auctioning startup MaxSold has secured a cumulative $16.1 million in debt and equity.
Kingston-based MaxSold secured $11.1 million in a Series B investment round led by new investor Framework Venture Partners with participation from existing investor Canadian Business Growth Fund. MaxSold also received $5 million in growth capital from Silicon Valley Bank.
Founded in 2010, MaxSold offers an online platform for auctioning a large volume of content quickly, for the purposes of downsizing, decluttering, estate sales, or excess inventory. Its platform lets users photograph and catalogue items, post the auction online, conduct digital marketing, schedule buyers on pickup day, and collect payments.
The startup currently claims a presence in 75 major cities across North America, with over 30,000 auctions held.
MaxSold’s head office remains in Kingston, though with its United States (US) operations the company is incorporated in both Canada and the US.
MaxSold operates in what it calls the recommerce space. Recommerce refers to the selling and purchasing of previously owned items through online marketplaces. MaxSold claims there is an untapped market in North America when it comes to recommerce, that it is looking to fill.
MaxSold claims that there was an uptick in household decluttering during the COVID-19 pandemic. As the company followed this trend, its pool of registered bidders has grown to almost 500,000 in 1,400 cities and communities across North America.
With the addition of fresh funding, MaxSold intends to expand throughout the US, particularly in Boston, Atlanta, and Philadelphia. The financing will also facilitate the company’s growth in employees as wella s drive new partnerships in different industries.
UPDATE 25/03/2022: This story has been updated to note that MaxSold secured $16.1 million not $21.1 million based on new details from the company.
Feature image from Canva, by Ketut Subiyanto