Funding Received
$6.2 Million in 1 Round from 1 Investor
Most Recent Funding
$6.2 Million Series A on July 23, 2010
August 9, 2008
Surrey, Surrey
Description: is an online retail auction platform; combining elements of ecommerce with gaming skills and bargain auctions.
Juha Koski
Online Auctions, E-Commerce

Detailed Description

Update is a gamified e-commerce website. has over 750,000 auction winners internationally and over 3 million registered users. operates across Europe in Germany, Italy, Ireland, Spain, France, Turkey, Austria, The Netherlands as well as the UK where the company is based.

How it works - Based on the penny auction concept brings gamification to shopping. There are 4 ways to shop on MadBid:

1. Bid in Auctions: Customers need to purchase credits in order to participate in the auctions. Auction winners walk away with significant discounts on branded products like Apple, Samsung and even cars. All MadBid auctions have timers that count down, an auction winner is determined when the timer runs out and no-one else places a Bid. When someone places a Bid the timer re-starts and counts down again, at which point the auction price goes up by 1p only, thus keeping the final closing price much lower than the RRP of the product.

2. Buy Now: If users do not win the auction, they can use all the spent credits in that auction as discount of the RRP of the product so they can purchase it.

3. Earned Discount: If users do not wish to pay the difference between spent credits and RRP, they can simply use the value of the spent credits in the auction to purchase any product from the Earned Discount selection.

4. Simply Click and Buy: Users do not need to participate in auctions, they can simply purchase products with a simple click and buy. is part of Marcandi Ltd.

Current Team (6)


Past Team (2)


Funding Rounds (1) - $6.2M


Products (2)


Investors (1)

  • 8e4535bbbe2afab2138ae8460d2b5464


    Entrepreneurs with a global perspective

Offices/Locations (1)

  • Registered Office

    The Courtyard, High Street


    Surrey, Surrey GU24 8AF


Competitors (3)

  • E58e08462d0fbf82eff7e42b0f0e4a7b


    BidRivals is an online penny auction service enabling users to buy premium products at a fraction...
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    auction games
  • 2f7a4ee42c7cdbf480a1053b0ea30a37


    Swoopo is an online auction site with an alternative bidding system.

Images (1)

  • 4473f0313c3364e434e3ff06632e48a7