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Artfact raises USD13m from Commonwealth and Ascent

Artfact, an online live auction marketplace, has closed on USD13m of growth capital financing provided by Boston-based Commonwealth Capital Ventures and Ascent Venture Partners.

Simultaneously, Artfact has merged with Auctionzip, the world’s largest directory of live auction listings.

In addition to facilitating the merger, the growth capital funding will be used to expand product development, marketing and sales efforts.

Artfact and Auctionzip provide over 16,000 estate auctioneers of all sizes worldwide with a complete range of technology and marketing services including online live bidding and integrated auction management software. Through their websites Auctionzip.com, Artfact.com, and Invaluable.com, the companies allow two million art, antiques and collectible dealers and collectors access to search over 160,000 estate auctions each year with a combined value of over USD25bn.

Adam Kirsch, chairman and chief executive of Artfact, says: “The investment by Commonwealth and Ascent marks an important milestone for Artfact, and punctuates an exciting first year of growth in Arfact Live and Invaluable Live, our live auctions marketplaces for estate auctioneers. We are eager to have the support of two distinguished partners as we look forward to the launch of Auctionzip Live, and the SaaS version of our RFC auction management software in 2010.”

Geoff Oblak, general partner of Ascent Venture Capital, adds: “Artfact’s merger with Auctionzip immediately strengthens the position of both companies within the live auctions market. Auctionzip’s unparalleled position with over 15,000 auctioneers in the US is a terrific complement to Artfact’s position as the premium provider of online technology and marketing solutions to the top 1,000 international auction houses.”

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