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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MarkITx Raises $1.06 Million to Begin Disrupting a $348 Billion Industry

MarkITx has some exciting news we thought was worth sharing. We’ve raised over $1.06 million in angel funding which will allow us to move forward quicker than ever to begin disrupting a $348 billion industry, an industry that is currently screaming for disruption. For the past year our team has been hard at work building out a product that will make the process of buying, selling and upgrading IT equipment painless and most importantly we’ll provide real-time data analysis of the market which will ultimately help our members make smarter business decisions on behalf of their company. Thank you for your continued support, we cannot tell you how thrilled we are to continue building this platform out to reach its greatest potential. It’s nothing but up from here, folks!

Check out the announcement released in the press:

MarkITx, a transparent marketplace for buyers, sellers and wholesalers of secondary IT equipment, today announced that it has raised more than $1.06 million in angel funding led by Michael Balkin, Francis Wisnewski, Jack Keenan, John Ward and joined by other prominent Chicago Business Leaders.

Founded in 2012, MarkITx has developed a technology platform with a unique and proprietary algorithm to offer predictive pricing around the exact value of the depreciating IT. It allows for a major market disruption in a marketplace where there are currently no trusted, neutral parties, no clear brand leader or governance.

MarkITx’s unique platform manages the exchange of IT hardware, providing buyers and sellers with a real-time, transparent view of the secondary market. Using the platform, sellers are able to ship equipment to MarkITx’s OEM-certified partners where everything is inspected and refurbished before being sent on to the buyer. When delivery is accepted, money is released from escrow. Gartner estimates the secondary IT market is $348 Billion worldwide.

“We founded MarkITx with the vision to address a much needed void in the IT marketplace,” remarked serial entrepreneur and MarkITx Founder/CEO, Frank Muscarello. “MarkITx will effectively level the secondary, IT playing field by accurately and clearly communicating supply and demand to determine actual value.

Since kicking-off in April, MarkITx has already approximately $10M in Demand and $900,000 in Supply posted on its platform with a majority coming from Cisco Networking equipment and Apple iPads for the B2B space. MarkITx is using its seed financing to scale its team to meet customer demand and further build out its platform.

The leadership team consists of experienced entrepreneurs, Ben Blair, Marc Brooks and Muscarello, all of whom bring an understanding of both the trading and technology industries.

Muscarello commented on the fundraising “This is the first step in taking MarkITx toward the ultimate goal of revolutionizing the way that hardware is traded Globally. This funding is a small step towards achieving our goals and we look forward to changing the dynamics of the IT community. I want to thank our members for believing in MarkITx and our team, as well as our initial investors for their continued support.”

About MarkITx 
MarkITx is the premier online marketplace for buyers, sellers and wholesalers of secondary IT equipment. Launched in 2012, the site is already causing a major market disruption in the IT marketplace with over $1.0 million in transactions, $10.0 million in demand, and just under $1.0 million in supply. For more information, visit

Source: http://www.prweb.com/releases/2012/11/prweb10099130.htm