|Angel, 2/2011 ||$150k|
|Angel, 5/2011 ||$200k|
|Angel, 12/2011 ||$100k|
|Series A, 9/2012 |
Dundee Venture Capital
InvenQuery provides virtual marketplaces for sellers of unique items.
Retailers of unique items (antique dealers, thrift stores, etc.) struggle to scale online because populating, hosting and promoting an online store is time and resource intensive. While retailers know that online marketing is vital to increase customer reach, traffic & sales, they struggle to justify the time & money it takes to establish an online presence.
InvenQuery is the answer.
InvenQuery’s web + mobile applications unite dispersed sellers of unique goods to populate a single online marketplace. Retailers that join an IQ marketplace benefit from inclusion in a well-designed, high traffic website, an easy mobile app for uploading their items, and social media sharing tools that showcase products where their customers actively search and share.
Through a niche marketplace, multiple retailers can join forces to attract their ideal customers. With our simple mobile app they showcase items on a marketplace, their own site, & their social media networks in seconds. By leveraging social media, IQ helps retailers amplify traditional marketing by driving shoppers to the marketplace. By aggregating sellers of similar items into one online marketplace, IQ creates a go-to resource for an industry.
IQ is making economic, environmental and social impact serving the first of several vertical markets: the discount home improvement retail industry (e.g. reuse centers). Reuse centers take donations of reclaimed building materials and sell them to fund a variety of social and environmental initiatives, such as Habitat for Humanity’s home building efforts or Reclaim Detroit’s deconstruction job training program.
Currently, the $270 million material reuse industry is growing 15% per year, selling less than 5% of all inventories online. Yet 78% of home improvement projects start with an online search. IQ enables reuse centers to market their products where customers are shopping. With the IQ mobile application sellers can display inventories on an IQ marketplace website, their store’s website, and on popular social media sites, in a single workflow. IQ makes it easy for reuse centers to reach more customers with unique inventories, to solicit more donations, and ultimately, to provide valuable social and environmental conservation services to communities across the country. As reused material transactions increase, the IQ platform is poised to integrate with inventory and sales tracking technologies, enabling the capture of valuable transaction and landfill diversion data.
PlanetReuse Marketplace - IQ’s first vertical marketAdded: 10/21/13