ACV Auctions Secures $5 Million in Funding

acvauctionsBUFFALO, NY — ACV Auctions has raised $5 million in Series A venture funding, led by Tribeca Venture Partners of NYC, with participation from SoftBank Capital NY (SBNY), Armory Square Ventures and Rand Capital.

The company has also appointed Synacor founder George Chamoun as Chief Executive. In conjunction with the financing, Brian Hirsch from Tribeca Venture Partners and Jordan Levy from SBNY have joined the Board of Directors.

ACV Auctions is an advanced mobile platform that enables used-car dealers to view, bid and purchase car inventory via online auctions. These live auctions are conducted from franchise dealer lots and last just 20 minutes – this saves dealers time and money. Traditional car auctions, in comparison, take place off-site in a physical location with multiple bidding lanes in progress simultaneously; this makes it difficult to provide transparency on wholesale vehicles.

George Chamoun has joined the company as its Chief Executive Officer. He replaces ACV Auctions Co-founder Joe Neiman, who will focus on market development.

Chamoun brings with him a successful track record of accomplishment as an entrepreneur and senior executive. He co-founded Synacor right out of college in 1998, and spent the next two decades building it into a trusted technology and revenue partner for some of the largest video and communication providers in the world. Chamoun also serves as Chairman of Launch NY, a non-for-profit organization supporting the startup ecosystem for Upstate New York.

As an early angel investor in ACV, Chamoun was drawn by the company’s long term potential. Since then, he says, ACV’s performance – and the overwhelmingly positive response of customers – has further affirmed his confidence in the company.

“In just one year, more than 800 dealerships registered for our mobile service, proving the value of our highly innovative service – these are the same reasons we also attracted top venture capital firms to fuel our growth,” Chamoun noted. “We are proving the case that dealers prefer to purchase wholesale inventory on ACV, because we enable transparency, trust and faster access to fresh trades.”

He added: “ACV Auctions is to car auctions what broadband was to dialup: a superior experience by every measure. Our team is proud to partner with franchise and independent dealers throughout the country by offering a proven service that adds tremendous value to their businesses, and to the dealer industry overall.”