Tech Industry

ChannelAdvisor raises funds

Auction management company ChannelAdvisor has raised $5.7 million in its first round of outside venture funding, the company plans to announce Tuesday. Genesis Venture Partners led the round. eBay, Southern Capitol Ventures, Tri-state Investment Group and The Atlantis Group also invested in the Research Triangle Park, N.C.-based company. The investment marks eBay's second stake in an auction management or service company; it invested in ReturnBuy last year. ChannelAdvisor plans to use the funds to augment its sales staff by 5 to 10 employees and to branch into sales of travel and automobiles on eBay and other auction sites. It helps companies such as IBM, Ingram Micro, Handspring and ProFlowers.com sell on such sites. Co-founders Scot Wingo and Aris Buinevicius have been funding ChannelAdvisor themselves since the company spun off from GoTo.com last summer. ChannelAdvisor, which has about 50 employees, expects to be profitable by the fourth quarter, Wingo said.

Auction management company ChannelAdvisor has raised $5.7 million in its first round of outside venture funding, the company plans to announce Tuesday. Genesis Venture Partners led the round. eBay, Southern Capitol Ventures, Tri-state Investment Group and The Atlantis Group also invested in the Research Triangle Park, N.C.-based company. The investment marks eBay's second stake in an auction management or service company; it invested in ReturnBuy last year.

ChannelAdvisor plans to use the funds to augment its sales staff by 5 to 10 employees and to branch into sales of travel and automobiles on eBay and other auction sites. It helps companies such as IBM, Ingram Micro, Handspring and ProFlowers.com sell on such sites. Co-founders Scot Wingo and Aris Buinevicius have been funding ChannelAdvisor themselves since the company spun off from GoTo.com last summer. ChannelAdvisor, which has about 50 employees, expects to be profitable by the fourth quarter, Wingo said.