2012 Tech Track 100
Rank: 41 MadBid.com
Launched a sister website, Let's Haggle, in early 2012
Increasing numbers of bargain-hungry shoppers are taking part in online auctions run by this London company. MadBid charges customers to bid so they can 'win' popular products at knock down prices, typically 81% lower than the recommended retail price. Shoppers can also use the 'buy now' option. Founded in 2008 by Juha Koski, MadBid secured £4m from Atomico Ventures in 2010 for a minority stake. Sales grew 71% a year, from £1.5m in 2009 to £7.5m in 2012, as it improves its website and grows in Ireland, Germany, Italy and Spain.
[back]
Increasing numbers of bargain-hungry shoppers are taking part in online auctions run by this London company. MadBid charges customers to bid so they can 'win' popular products at knock down prices, typically 81% lower than the recommended retail price. Shoppers can also use the 'buy now' option. Founded in 2008 by Juha Koski, MadBid secured £4m from Atomico Ventures in 2010 for a minority stake. Sales grew 71% a year, from £1.5m in 2009 to £7.5m in 2012, as it improves its website and grows in Ireland, Germany, Italy and Spain.
Copyright © 2013.
This profile reflects the company at time of publication (as identified in top left-hand corner) and does not reflect any changes that may have subsequently occurred. Fast Track and its sponsors do not endorse, guarantee or recommend investment in any of the companies.
[back]
Company facts
MadBid.com
Auction website operator
Company website
| Sales growth | 70.32% pa |
| 2012 sales | ‡£7.5m |
| 2009 sales | £1.5m |
| 2012 staff | 40 |
| Founded | 2008 |
| Location of HQ | Central London |
| If applicable: * = annualised figures ‡ = draft accounts |
|
