Perfect Channel bags £2m Beringea investment
Online auction platform builder will use funding to launch in US
Auction technology start-up Perfect Channel today announced it has secured growth funding of £2m from Beringea, the investment firm which manages the ProVen Venture Capital Trusts.
Founded in 2011 by Phil Bird (pictured), Startups Awards 2013 finalist Perfect Channel describes itself as an “enterprise auction platform”, providing a cloud-based service which provides online auction technology for its business clients.
Since launch the tech business has amassed a roster of high-profile clients across the UK, US and Europe, including Christie’s, Lloyds of London and LeasePlan.
Beringea’s £2m backing will be used to expand Perfect Channel’s management and development teams and launch in the US.
Rob Hodgkinson, investment director at Beringea, will join the Perfect Channel board as part of the deal. Hodgkinson said: “Perfect Channel has built the next generation of enterprise auction platforms. The management team, combining exceptional auction expertise with outstanding technical ability, has driven impressive growth to date.
“We are delighted to support the rapid development of this business.”
Phil Bird, founder and CEO of Perfect Channel, added: “This investment will further accelerate the performance of our thriving business.
“We now have the additional resources to increase the speed of our roll out to the U.S., to expand the senior management team, and to continue our technical development.
“We look forward to providing transparent pricing to a broader range of assets through our sophisticated auction platform.”