Online auction site seeks investment for expansion

Online wine auction site Bid for Wine is looking for investment to expand operations in the immediate future and fund ambitious plans in the long term.

“Bid for Wine’s record over the past three years has shown that we have an excellent business model offering services which are much in demand,” commented managing director of the business Lionel Nierop.

“Furthermore our current position has been achieved with relatively few resources (only one full time member of staff and limited private funding),” he added.

However, Nierop explained: “With our current resources, business structure and management team we’re limited in the volume of stock we can handle. It’s because of this that we’ve been undertaking preliminary talks with potential partners and investors who share our vision and belief in the business.”
 
Concluding he said: “We have a number of ambitious plans but initially intend to focus our efforts in two core areas in the near future: improving the experience for customers selling in or buying from our monthly sales, and leveraging historical sales and transaction data to suggest guide prices for people using our ‘direct sales’ option.”

For more information on Bid for Wine click here to read db’s profile on the company.

Patrick Schmitt, 14.04.2011