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.
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