Bonanzle, an eBay alternative that lets people engage in social commerce online, is changing its name to the far more memorable Bonanza.com and launching a revamped website. Coinciding with the rebranding announcement, the company this morning disclosed that it has acquired 1000 Markets.
The latter is a niche marketplace that specializes in artisan merchandise, ranging from jewelry and art to home and garden items. Competitors include Etsy and ArtFire, among others.
Terms of the deal were not disclosed. Both companies are located in Seattle.
Bonanza is an online marketplace focused on “unique items” that the company says is reflective of real world shopping experiences at street fairs and the like. Working from virtual booths, merchants sell a wide variety of products ranging from old coins and antiques to handbags and candles. Bonanza says its most popular categories are women’s shoes and handbags, home and garden, jewelry, and collectibles.
Founded in 2008, Bonanza currently welcomes more than two million visitors per month, has attracted 300,000 registered users and lists more than 3.4 million items for sale across its array of storefronts. With the acquisition, 1000 Markets’ inventory of roughly 100,000 items will be blended into Bonanza’s inventory over the next month.
Earlier this year, Bonanza raised $1 million in funding from a group of investors, including Ignition Partners, Voyager Capital, Founder’s Co-op and Curious Office Partners, all of Seattle, and Matrix Partners of Silicon Valley.
The investment round also included angel investors such as BuddyTV founder Andy Liu, Wetpaint founder Ben Elowitz and Ontela co-founder Dan Shapiro.
1000 Markets raised $500,000 in funding last year from a group of investors, including Founder’s Fund and True Ventures.
Bonanza is a social marketplace aimed at complementing Amazon in niche item categories. Bonanza’s key differentiator is that it makes shoppers less anonymous than competing sites. Buyers and sellers can chat in real time to get questioned answered or negotiate deals. All sellers have their location and avatar shown alongside their items, underscoring the site’s dual emphasis on “people” and “items.” These social dynamics lend themselves to the formation of communities around niche item categories such as collectibles, antiques,...
1000 Markets is an online marketplace with specialized shops for small businesses selling artisan work and crafts.
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