Startup company Panjo secures US $1.6 million seed fund

By IVCPOST Staff Reporter

Jul 23, 2013 10:58 AM EDT

Startup company Panjo raises US $1.6 million in seed funding that will allow the company to considerably grow its enthusiast partner network as well as its marketplace. The company will also utilize the funds to make a mobile app that will concur with its web-based platform. Additionally, distribution network efforts will also get a share of the amount.

Spark Capital led the investors along with Lerer Ventures, Bertelsmann Digital Media Investments and Mesa.

Panjo marketplace helps enthusiasts to start, discover, promote, manage and process the payments for one-on-one sales. Around US $500,000 in gross merchandise sales are raised by sellers using the Panjo platform.

"Panjo seeks to make things easier for the enthusiast through a well-organized listings section and the implementation of a simple 'list, pay and ship' structure," said Panjo's CEO Chad Billmyer.

"We have already generated 25 times better sell through rates than our biggest competitors," Billmyer added.

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