|Description||Online Auction Site|
|Series A, 7/10 |
MadBid.com is a pay-to-bid online auction site.
As of May 2010, MadBid.com had over 37,000 unique winners in the UK alone and over 80,000 closed auctions. MadBid.com operates across Europe in Germany, Italy, Ireland and Spain as well as the UK where the company is based.
How it works - Based on the penny auction concept MadBid.com is a pay-to-bid auction site where users purchase bids in advance which range from Â£0.75 to Â£1.00 per bid. Every bid placed will increase the price of the product by 1p, thus keeping the final closing price much lower than the RRP of the product. Each auction has a timer ranging from 20 seconds to 120 seconds, that will count down and when someone places a bid the timer will reset to its original time and start to count down again, this will continue until no one places a bid within the given time range at which point the auction will close and the last bidder will win the product.
MadBid also offer its user’s a ‘Buy Now’ feature which allows them to purchase the product during an auction for the full RRP less the cost of any bids placed on the auction.
MadBid.com is part of Marcandi Ltd.