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Investors slam $12 million gavel for DoveBid

Published on .

Foster City, Calif.--Heading toward enabling sales in November, DoveBid said Tuesday it has landed $12 million in second-round venture capital for its business-to-business auction site. Dovebid.com, envisioned as an eBay for businesses selling capital equipment, will use a large part of the funding for marketing, a company spokeswoman said. DoveBid will launch Oct. 29 print and Web advertisements in major business publications and trades covering the electronic test and measurement industry, among others. Competitors abound for DoveBid, including already operational Web stalwarts Tradeout.com, Assetrade.com and Imark.com. DoveBid, which has a 62-year history as a brick-and-mortar company, hopes to leverage existing business relationships to differentiate itself. Venture capital investors were Mayfield Fund and Fremont Ventures. First-round financing was $4 million.
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