Funding Received
$14 Million in 2 Rounds from 2 Investors
Most Recent Funding
$10 Million Series B on April 2, 2009
Headquarters:
Mountain View, CA
Description:
Swoopo is an online auction site with an alternative bidding system.
Categories:
Shopping, Auctions, E-Commerce
Website:
http://www.swoopo.com

Detailed Description

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Online auction site with an alternative bidding system.

As of April 2009, Swoopo auctioned over 10,000 products per month and had more than 1,200,000 registered customers.

How it works: online customers buy “bids” in advance. They cost $0.75 each and are sold in packs of 30, 50, 100, 300 or 700. Bidders have the choice of placing single bids, or, using an electronic bid assistant called the “BidButler”. Alternatively, customers can bid via the phone. Every bid placed, increases the price of the product by 15c and the auction countdown by up to 20 seconds. To help keep track of the money spent on bidding, each auction displays the amount spent on bids by the customer and how much the bidder would save overall, if they won the auction at that moment. The ‘last bidder standing’ when the countdown reaches zero, wins the auction – usually at a very low price; winners save, on average, 65% when compared to the recommended retail price.

Past Team (8)

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Funding Rounds (2) - $10M

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Products (1)

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  • Cb default image

    BidButler

    BidButler was added to CrunchBase in 2009

Investors (2)

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  • 484e11112369a0a2b53935d5e62373f9

    August Capital

    August Capital was founded in 1995 by Dave Marquardt and John Johnston. Seasoned veterans of the...
  • 9d43a1cd1deb00ba3053ab383419f0e3

    Wellington Partners

    Wellington Partners is a venture capital firm that invests in technology and life sciences...

Offices/Locations (1)

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  • Office

    Mountain View, CA

    USA

Competitors (1)

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Images (1)

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