Venture Funding Strengthens FedBid’s Position As The Online Marketplace for Government
December 14, 2005
VIENNA, VIRGINIA, December 14, 2005 - FedBid, Inc., a leading online marketplace for public sector acquisition of commercial items, announced that it has secured $2 million in venture capital funding. The funding will be used to expand FedBid’s presence within the Federal sector, where FedBid has established itself as part of the official procurement process by interfacing with government systems and being used daily by both civilian and defense agencies.
The venture capital funding was provided by Blue Water Capital, LLC, a McLean Virginia based private equity firm. Founded in 1995, Blue Water Capital has invested nearly $100 million in over 20 private companies, many located in the mid Atlantic region. BWC invests primarily in profitable expansion stage information technology companies.
“As the public sector’s demand for process transparency and auditability continues to grow, we see considerable acceleration in the volume of commodity purchases conducted through FedBid by government agencies and prime contractors. FedBid is perfectly positioned to service this demand, and the venture funding ensures that our team continues to grow and has the resources necessary to maintain the high level of service our customers have grown accustomed to receiving,” said Ali Saadat, FedBid President and CEO.
Kim Cooke, a founding partner and Managing Director at Blue Water Capital, stated: “At Blue Water Capital we are always on the lookout for exceptionally run, technologically advanced and well positioned companies with which to partner. FedBid scores very high on each point. We are very excited to help FedBid grow into the premier online marketplace for the public sector.”
ABOUT: FedBid, Inc.
FedBid, Inc. provides online procurement services, including Reverse Auction and associated support services, through its buyer-driven online marketplace, www.FedBid.com. Today, procurement professionals across the federal government use FedBid to procure hundreds of millions worth of commodities and simple services. For more information, visit www.FedBid.com or call (877) 9FEDBID.