Swoopo Rival MadBids.com Raises $6 Million
Venture Beat reports that MadBid.com has received $6 million in venture capital from some pretty well known names:
Atomico Ventures, an investment group started by Skype cofounders Niklas Zennstrom and Janus Friis, has invested £4 million, or more than $6 million, in a first round of institutional funding for pay-to-bid auction site MadBid.com. As with sites such as Swoopo and Fluttero, which have been growing in popularity, MadBid.com is part of a move to bring the feel of a Las Vegas casino to e-commerce.
MadBid.com has yet to make it to the United States, so I haven’t had a chance to try it out myself. Looking at the number of recent auctions, however, reveals that they have a long way to go if they want to catch up to the traffic, participation and excitement surrounding Swoopo.
This $6 million bet further legitimizes the penny auction industry, though. It also ensures that anyone looking for alternative penny auction sites have another place to visit that’s safe and trustworthy.
Congratulations to MadBid.com.