eCommerce - Wednesday, January 9, 2008
Fidelity Invests In Manufacturing Marketplace
Following in the footsteps of Jeff Bezos' investment, Fidelity Ventures, Fidelity Ventures Asia, and other investors have put in $26M in Atlanta-based online manufacturing marketplace MFG.com. Interestingly, Fidelity has also invested in China's Alibaba - an online B2B marketplace that is similar to MFG.com. Perhaps we might see Alibaba buy out MFG at some point.
MFG's buyer members use the service at no charge while sellers pay an annual subscription fee. Company founder Mitch Free is upfront about the messy business he has taken on and asks "Why would someone create an online marketplace when all others were crashing and burning and why do it in an industry as slow to adopt and as fractured as manufacturing?"
In June 2007, MFG bought Geneva-based SourcingParts.com. The combined entity says it now has 100K buyers and sellers in the system.
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