MarkITx is a transparent B2B marketplace to buy, sell & trade used IT equipment.


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MarkITx Raises $2.15 Million in Second Round of Seed Funding

 

Newest Alumni of Startup Hub 1871 Opens Its Own Office and Hires as Platform Gains Market Traction

MarkITx, the premier online marketplace for buyers, sellers and wholesalers of secondary IT equipment, today announced that it has completed a $2.15 Million second round of seed funding. Every original MarkITx angel investor, including Michael Balkin, Francis Wisnewski, Jack Keenan, John Ward and other prominent Chicago business leaders, doubled down on their initial investment, bringing the company’s early financing to $3.31 million.

“This latest round of funding shows the commitment of our investors and reinforces their belief in our platform as a scalable and necessary means of disrupting the $320 billion secondary IT market,” said Frank Muscarello, serial entrepreneur and Founder/CEO of MarkITx.

One of the original members of the startup hub, 1871, MarkITx also holds the distinction of now becoming one of the original “graduates” of the co-working center for tech startups. MarkITx moved from 1871 to a temporary suite at 1 E Wacker Drive while its 2600 sq. ft. of permanent office space is being completed in the same building. The company now employs 11 people with plans to hire another 10 in a year.

“I congratulate MarkITx on its latest round of funding. 1871 is a hotbed of innovation, producing great companies around Chicago, and I look forward to continued great accomplishments,” said Chicago Mayor Rahm Emanuel.

MarkITx’s revolutionary platform brings buyers and sellers together by providing real-time values of depreciating IT equipment and access to the marketplace’s global inventory. Sellers shorten their technology refresh cycles by utilizing the platform’s value-over-time information. Buyers bid on listed products &/or indicate products they are looking to acquire which are not currently listed in the MarkITx marketplace.

From its initial beta launch in May 2012, the transparent two-sided market continues to gain traction; inventory levels now exceed $65 million with over $40M supply and $25 million in demand.

About MarkITx

MarkITx is changing the way the world trades IT. Founded in 2012, it is a transparent online marketplace for buyers, sellers and wholesalers of secondary IT equipment using real-time intelligence to determine market value based on current global supply and demand. The notion is that hardware is a commodity and therefore it should be traded like one. MarkITx is building the NYSE of IT to ultimately monitize the data and become the predictive IT marketplace.The Chicago-based company has been disrupting the $320 billion secondary IT market by keeping hardware sales safe and simple while partnering with leading OEM-certified refurbishers to provide the best value in the industry. For more information visit http://www.MarkITx.com or follow us on Twitter @MarkITx.

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1871 Membership Has its Privileges

Below is a post CEO, Frank Muscarello wrote for the 1871 Blog.

There are so many great startups in this city vying for attention and trying, sometimes desperately, to get funded with the hope of hitting it big. I have been a serial entrepreneur for the past 19 years with my fair share of huge wins and tremendous failures along the way. What amazes me is just how talented Chicago’s digital community is and just how remarkable the companies living, growing and doing business here are as well.  Even though I was born and raised in Chicago, built my businesses in Chicago and now raise my family here, I realize I have been blind to what has been here for years. Chicago’s entrepreneurial ecosystem is incredible.

To say that I have had the pleasure of meeting and getting to know some incredibly talented people would be an understatement. People like Brian Spaly from Trunk Club, Neal Sales-Griffin from Code Academy, Justin Massa from Food Genius, Jessica Zweig of CheekyChicago, Todd O’Hara of Toodalu, and Erik Severinghaus of SimpleRelevance to only name a few.  These are the people to watch; the ones that are creating energy in the community and who I feel confident to say are building the next great businesses here.

Sometimes you need to catch a break and sometimes if you work hard enough, you can create a little luck.  That’s exactly how I feel about my team being accepted into 1871. We didn’t have a real direction before 1871, we didn’t have a product to speak of before 1871, we didn’t have a rock star team before 1871 and I didn’t have partners before 1871. 1871 has singlehandedly changed the trajectory of our business – and it has happened in a little less than 90 days.  We’ve raised more capital than ever before, closed more deals than ever before, and now have a remarkable future ahead of us. 1871 is all about creating a culture that peppers in a healthy bit of competition among the startups where the strong will survive. And where else in the span of one week, can you get the opportunity to speak with JB Pritzker, David Cameron, Prime Minister of England and Rahm Emanuel about creating jobs and doing something remarkable to build business in Chicago.

I can personally say that it’s an honor to be a part of 1871. We are one of the lucky ones that intends to take this chance to make something big happen. Thank you to all the members and staff of 1871 for giving us a launch pad. I look forward to the day when I will be able to give back.

Happy National Co-working day!