eCommerce - Tuesday, November 22, 2005
cMarket - Profile
cMarket = eBay + The United Way
Management: Jon Carson is Chairman & CEO. His last company was FamilyEducation Network (Fen.com), which offered web services to schools. The founder and EVP is Greg McHale who previously founded Virtual Ink and was CEO from 1997-2002. The company sold portable electronic whiteboards and raised $57M before flame-out.
Investors: In November 2005, the company raised $10M in new VC funding from Canaan Partners which was joined by return backer Morningside Ventures.
Business Model: cMarket runs online auctions for a variety of charities. The company sells an auction for $700 plus 9% of the take.
Competitors: eBay Charity Auction, Craigslist Charity
Dirt: It's a nice thought but we don't understand why the company fills a void that can't be filled by eBay or Criaglist. It has not yet posted a super impressive list of charity auctions that it has run. We have seen some other auctions work by chosing a niche, but we will need more convincing.
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