Â£60,000 is the investment that a company calling themselves bayagent have received in funding from a group of Venture Capitalists called Nstar. That’s a fair amount to invest in a company setting up as eBay trading assistants in a market where other trading assistants are failing. The one point in their favour is that they’re not looking for consumers to drop off items but intend to appeal to businesses with excess stock to dispose of. They aim to grow to a Â£14m turnover within two years – with fees of 33% that values bayagents cut at over Â£9m. Currently they state they’ve sold Â£48k having started trading in November.
It will be interesting to see how they fare, they have plenty of business experience – the founder set up studentmobiles.com which was sold to the Carphone Warehouse. What may be lacking however is eBay experience, although they state they’ve had an eBay account since 2003 they’ve chosen a user id masquerading as a URL. If they can’t follow basic eBay rules it doesn’t inspire confidence in their eBay expertise.