Panjo, a US-based online marketplace for enthusiasts and hobbyists, has raised $1.6m in seed funding led by venture capital firm Spark Capital, with the participation of Bertelsmann Digital Media Investments, the corporate venturing unit of Germany-based publisher Bertelsmann, seed-stage venture capital firm Lerer Ventures and strategic advisory firm Mesa.
Previously, Panjo raised $150,000 from angel investors.
The seed funding will be used to grow the company’s marketplace and enthusiast partner network, as well as to create a mobile app.
Chad Billmyer, Panjo co-founder and chief executive officer , said: “Enthusiasts are some of the most passionate buyers and sellers in the digital commerce marketplace, but they are too often met with frustrating and fragmented experiences when dealing with peer-to-peer communities. Panjo seeks to make things easier for the enthusiast through a well-organized listings section and the implementation of a simple ‘list, pay and ship’ structure.”
Andrew Parker, Spark Capital Principal, said: “Panjo is rapidly gaining noteworthy traction through partnerships with forum-based communities. Online marketplaces and peer-to-peer transactions are continuing to gain popularity, and I am convinced that Panjo’s solution will cut through the noise and become the favored option for high-end products and accessories for enthusiasts around the world.”
Panjo is an alumnus of the US-based accelerator MuckerLab.