Startup Penny Auction Receives $4.5 Million in Funding

Penny Auctions aren’t cheap.

According to an SEC Filing, Project Fair Bid Inc.  has raised $4.5 million to create a stealth, Swoopo style auction.

Leena Rao, for TechCrunch, writes:

Details on Project Fair Bid are limited but we hear the startup hopes to reinvent and legitimize the Swoopo business model by using a different auction methodology to improve consumer engagement and retention. Swoopo’s business model has been criticized for its alternative bidding system.

Read more.

We will update you on Project Fair Bid as we receive more information.

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Tagged as: and Foundation Capital, CCharles Moldow, First Round Capital, funding, Josh Kopelman, Mayfield Fund, new penny auction, penny auctions, project fair bid, stealth auction, swoopo style, with Raj Kapoor