German auction site secures $2.5 million from Russia’s Bright Capital
Bright Capital Digital has injected $2.5 million into Auctionata, a German online auction site specializing in antiquarian items. The news was reported by Russian business daily Kommersant, based on an exchange last week with Bright Capital Investment Director Vadim Tarasov.
Established in 2011, Auctionata claims to feature “the first live auction in the history of the Internet.” The site has processed no fewer than 13,000 requests for estimates from its users for merchandise with an overall value of over €22 million.
“No fewer than 250 experts – many of whom also cooperate with Sotheby’s and Christie’s – check the authenticity and provide estimates of the items,” Tarasov told the business daily.
People from Russia and Asian countries are showing a growing interest in antiquarian items, which the fund believes will ensure rapid growth for Auctionata.
Since its inception, the German startup has raised $20 million from e.ventures, Holtzbrinck Ventures, and the Raffay Group, according to Kommersant.
Established earlier this year, Bright Capital Digital operates both domestically and internationally. It is affiliated to Bright Capital, a fund launched by Russian billionaire and minister of Open Government Mikhail Abyzov.