Kyle
Durham startup, BuyStand, that is brining the name your price, Priceline, model to retail buying has just raised $450,000. WRAL Techwire is reporting that the company is looking to raise $2.5 million dollars in a mix of debt, options and warrants.
They’ve also added a new CFO, Charlie Farrell, who was most recently a financial executive at Edmunds.com
BuyStand is the latest startup from North Carolina serial entrepreneur, Joe Davy, His most recent startup EvoApp failed, of course as any good founder and entrepreneur knows failure leads to success. Failing fast is just one of the methodologies entrepreneurs in 2012 live by.
BuyStand is completely different than Davy’s previous startup.
For concept demonstration purposes Davy used one vertical market, outdoors. Obviously the platform will work for any retail good but outdoors was a great place to start.
As you can probably imagine, reading this far, BuyStand takes the “name your price” concept and applies it to outdoor goods. Whether you’re looking for the latest running shoes or the best all terrain jacket or back pack, you’ll find it at BuyStand. But you won’t find a typical priced out click through e-commerce portal.
With BuyStand the user selects the item that they want, names the price they’re willing to pay and then BuyStand sets that payment aside. Once a buyer has named a price, the BuyStand system lets the buyer know they have a taker and from there the “bid” is either accepted or rejected. If the “bid” (price) is accepted than BuyStand pays the vendor and the buyers product is shipped to their home.
It’s a two click process, name your price and click.
Davy says the need for BuyStand arises from the fact that buyers waiting for items and buying them second hand, used or “off the truck” at sites like e-Bay and Craigslist account for $200 billion dollars in lost profit.
“BUYSTAND solves this problem by eliminating the price and creating an open, efficient, free market.” Davy told the CED Start Something Blog.
Davy joined BuyStand as CEO in September. The startup was originally launched by Ted Kraus in 2011.
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