Panjo, a Santa Monica, CA-based marketplace for the auto, sport and hobby enthusiasts, raised $1.6m in seed funding.
The round was led by Spark Capital, with participation from Bertelsmann Digital Media Investments, Lerer Ventures and Mesa.
The company intends to use the funds to grow the marketplace, the partner network, to create a mobile app and a distribution network for members to share listings with non-members.
Founded by CEO Chad Billmyer, Juan Vasconez, and Tom Gerken, Panjo aims to allows buyers and sellers to overcome inefficiencies in the typical peer-to-peer community setting, including fraud, failure to sell items and cluttered classifieds by providing them with tools to discover, start, manage, promote and process payments for peer-to-peer sales, increasing security and reducing administrative overhead.
The company is an alumnus of the Santa Monica-based accelerator MuckerLab.
FinSMEs
23/07/2013