B-Stock, a US-based liquidation auction platform backed by technology and trading firm Susquehanna International Group (SIG), received $65m in funding from growth equity firm Spectrum Equity on Tuesday.
Founded in 2008, B-Stock runs an online platform where liquidation inventory can be auctioned off to approved business buyers, theoretically making the process quicker and allowing a higher price to be fetched for the sellers.
The company is on track to sell more than 70 million items on the platform in 2018, and intends to use the funding to expand its platform. Pete Jensen and Adam Gassin of Spectrum Equity will join B-Stock’s board of directors in connection with the firm’s investment.
Howard Rosenberg, B-Stock’s co-founder and CEO, said: “Given today’s competitive retail climate, the ability to minimise any loss on returned and other excess inventory has become a competitive advantage for our clients.
“By leveraging our technology, extensive global buyer network, and our auction strategy expertise, our clients are achieving 30% to 80% higher pricing on the inventory.”
SIG’s Susquehanna Growth Equity subsidiary led B-Stock’s last funding round, a $7m series B in 2014 that included True Ventures, the venture capital firm that led B-Stock’s $1.2m series A round in 2009.