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A Boston-based company has raised $13 million to grow, through acquisition and sales, its business selling software to estate auctioneers.
Allston-based Auction Holdings Inc. raised the funds from Boston-based Ascent Venture Partners of California, and Waltham-based Commonwealth Capital Ventures. The company will use the funds in part to buy Auctionzip, a Bedford, Penn.-based company that provides a directory of live auction listings, it said in an announcement posted to its website recently. The remainder will be used to expand sales, marketing and product development efforts, the company said. It plans to release a software-as-a-service version of its auction management software in 2010.
Founded in 1989, Auction Holdings does business as Artfact, which is also the name of its flagship product — a database of upcoming and past auction catalogs focused on art, antiques and collectibles auctions. In January, the company launched live auction bidding software tied to the database.
Along with the investment, Commonwealth’s Jeffrey Hurst and Ascent’s Geoffrey Oblak will join the board at Auction Holdings. The financing was disclosed in a regulatory filing posted by the U.S. Securities and Exchange Commission yesterday.
Auction Holdings CEO and chairman Adam Kirsch could not be reached for comment.
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