International auction aggregator Barnebys attracts $4.5 million in new investment capital, to be used mainly for furthering a successful US presence
Barnebys, the Swedish-based online search and valuation tool for fine artworks, antiques and collectibles, has concluded a fundraising effort by attracting 4 million euros (about $4.5 million) in new capital. The round was lead by Industrifonden, ACTIVE Venture Partners and joined by the new investor Inbox Capital, a company owned by the tech entrepreneur Martin Wattin. The capital will be used primarily to ensure the company’s continued success in the US.
Barnebys is already an auction aggregator powerhouse throughout Europe and Scandinavia. Founded in 2011 by Swedish businessmen and entrepreneurs Christopher Barnekow and Pontus Silfverstolpe, the company has made entering the U.S. market a top priority for the coming year and beyond.
“This is a very exciting moment to be part of Barnebys on its journey to success,” said Ricard Söderberg of ACTIVE Venture Partners. “Barnebys is the number one site in the world to find a piece of art, an antiquity or a collectible. Moving forward, we anticipate seeing new services being launched that will make Barnebys a truly indispensable tool in the auction house world.”
This autumn, Barnebys signed up on average two new auction houses per day worldwide. The highest increases took place in the US. Great growth was also posted in the UK, Germany and France, the latter already has agreements with 60 auction houses. Clients in the United States include Sotheby’s, Paddle 8, Phillips, Crescent City Auction Gallery, Neal Auction Gallery, Heritage Auctions and many others.
As the world’s leading auction search service (or aggregator), Barnebys features, at any given time, over a half million items for sale through about 1,000 auction houses worldwide. Its revenue is split 80 percent international vs. 20 percent US. Overall, Sweden (Barnebys’ home country) represents one percent of the global auction market (vs. 20 percent for the UK and 38 percent for the United States).
Barnebys is fast closing in on the 1.5 million visitors a month mark. The firm employees people in Sweden, the UK, France, Germany, Spain and the US.
“Barnebys is a meta search engine for the auction industry,” Mr. Barnekow said. “Our aggregator model is proven and highly scalable, with earnings per click, but unlike other search engines or price comparison websites, we do not encourage predatory pricing. Instead, we bring bidders to the auction houses and that promotes higher clearance. Everyone profits, and customers enjoy full transparency.”
To learn more about Barnebys, please visit www.barnebys.com