Tuesday, July 23, 2013

Panjo Raises $1.6M For Marketplace Software

Santa Monica-based Panjo, which develops online marketplaces for automotive, sports, and hobby enthusiasts, announced it has raised $1.6M in a funding round this morning, led by Spark Capital. The funding also included Bertelsmann Digital Media Investments, Lerer Ventures and Mesa. Panjo, which was founded by Chad Billmyer, Juan Vasconez, and Tom Gerken, was part of the MuckerLab accelerator.

Panjo lets enthusiasts of all types create their own online marketplaces, handling all of the issues involved with creating a marketplcae, including dealing with payments and peer-to-peer sales. The company said sellers are already completeing more than $500,000 in monthly gross merchandise sales on its platform. The conmpany's software platform is being used for such areas as skiing equipment; belly dancing; and trading automotive parts for Acura, BMW, Mazda, and other auto owners.

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