Second Rotation Secures Series A Funding
Venrock Leads Round; New Investors Join Board of Directors
Waltham, MA – January 29, 2008 – Second Rotation, the destination for simplified selling of consumer electronics and gadgets online, today announced that it has raised $4.4 million in its initial round of funding. The round was led by Venrock, a premier venture capital firm founded by the Rockefeller family, and also included angel investors Austin Ligon, Ashton Peery and Henry Vogel. Second Rotation will use the funds to advance product development and expansion, as well as for sales and marketing.
“With Second Rotation, consumers now have a convenient and simplified way to resell their electronics on the Internet,” said David Beisel, vice president, Venrock. “We are impressed with the team and this concept that was designed with the consumer in mind. Second Rotation has already achieved great success and the long term potential is very exciting.”
Second Rotation, first launched in July 2007, is an online exchange dedicated to giving individual consumers a fast, no-hassle solution for selling unwanted items on the Web. With an initial focus on consumer electronics – including digital cameras, camcorders, cell phones, gaming consoles, GPS systems and MP3 players – Second Rotation offers consumers a service that meets their desire to “sell it now” and quickly turn their items into cash without the obstacles of peer to peer selling. In addition, selling items to Second Rotation provides a responsible and environmentally-friendly way to recycle consumer electronics.
Second Rotation also announced the expansion of its board of directors with five new members: David Beisel, vice president at Venrock; Austin Ligon, co-founder and former CEO of CarMax; Mike Tyrrell, general partner at Venrock; Ashton Peery, formerly a General Partner at Lucent Venture Partners; and Henry Vogel, former Chief Revenue Officer at Quigo and executive at eBay.
“Second Rotation fulfills an unmet need and we are thrilled with consumers’ response,” said Rousseau Aurelien, founder and CEO of Second Rotation. “With the addition of several new board members, we look forward to leveraging their extensive domain expertise and networks to take Second Rotation to the next level.”
About Second Rotation
Second Rotation is the destination for simplified selling of consumer electronics and gadgets online. The process is easy: Second Rotation determines the value of the item online, arranges pickup and shipping, and pays the seller a fair market value once the item is received. Items are then resold or responsibly recycled. Second Rotation empowers people by removing the challenges associated with selling goods online and offers an ecologically responsible solution by extending the life of unwanted gadgets. Founded in 2006 and privately held, the company is headquartered in Waltham, MA. For additional information, please visit www.secondrotation.com.
Contact Nicole Daley Horn Group, Inc. Tel: 415-905-4006 ndaley@horngroup.com