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Cincinnati startup EBTH grabs $13 mln

Cincinnati-based Everything But The House, an online real estate firm, has closed $13 million in Series A funding. The investors included Spark Capital and Greycroft Partners. According to the firm, the capital will be used for growth and expansion.

PRESS RELEASE

CINCINNATI – November 25, 2014 – After six years of rapid growth, and recent expansion across the Midwest, startup Everything But The House (EBTH), an online estate sale company, announced today that it has raised a $13 million Series A round of funding from Spark Capital and Greycroft Partners, with participation from individual investors. The funds will support an aggressive growth strategy to bring EBTH’s comprehensive services to approximately 50 cities within the next two years.

In today’s market, a traditional estate sale earns around $7,000 for a seller, while the average estate sale through EBTH earns $27,000, mostly due to the visibility of EBTH’s nearly 350,000 unique web visitors from across the world each month.

The full-service company handles every part of the sale from cataloging and photographing each item for sale, to coordinating shipping, trash removal services, donations and more so that each home is left empty from wall-to-wall. Every online sale is active for seven days and all bids start at $1. EBTH handles estates of all sizes and has sold estates worth several million dollars.

“Estate sales are more than a transactional experience. They are often an unexpected and emotional event driven by things like downsizing, relocating or losing a loved one,” said EBTH President and CEO Andy Nielsen. “Our full-service approach expedites the process, takes the pressure off the sellers’ shoulders, and produces significant financial results. The funding and strategic direction from Spark and Greycroft will allow us to rapidly expand into major markets across the U.S.”

Spark Capital and Greycroft Partners are leaders in the e-commerce and second-hand goods industries, as illustrated by Spark Capital’s investment in Wayfair and Greycroft Partners’ investments in Trunk Club and The RealReal.

“With the increasing popularity of online marketplaces, the days of estate sales held in auction houses are dwindling,” said Spark Capital General Partner Alex Finkelstein. “By taking care of the entire process from cataloging to cleaning out the house, EBTH offers a complete service not yet seen in the industry. We’re confident that EBTH’s model will be well received at a national level.”

Cincinnati-based EBTH sells all kinds of second-hand goods from furniture and collectibles to grand pianos and garden tools. Other notable items sold include a Ford Model T, a 17th Century Chinese Libation Cup, a highly collectible vintage BMW motorcycle and a World Series ring, which sold for $89,000.

With operations in Cincinnati, Columbus, Indianapolis, Louisville, Lexington and Nashville, EBTH has plans to expand into major market areas including Boston, Washington D.C., Atlanta, Denver, Dallas, Chicago, Los Angeles and the Gulf Coast of Florida throughout 2015.

About Everything But The House
Headquartered in Cincinnati, Everything But the House (EBTH) is a revolutionary online estate and consignment sale company that combines the personal touch of a local business with the convenience and reach of a global e-commerce company. EBTH manages every aspect of a sale, working with both sellers and buyers. The company’s online auction-style platform connects buyers to unique pieces from estate sales across the country in a trusted environment, while its knowledgeable sales experts provide a full service experience for the sale – from sorting and cataloging, to marketing, shipping and more.

EBTH presents sales based out of Cincinnati, Columbus, Lexington, Louisville, Indianapolis and Nashville, and is rapidly expanding to additional cities in 2015. The EBTH team hopes to become the world’s most-loved, most exciting resource to find special antique and modern pieces. With 50-60 sales a month and all items starting at $1, bidders from across the world find that there’s always something new to discover at www.EBTH.com.

About Spark Capital
Spark Capital is a bi-coastal, boutique venture capital firm that partners with bold entrepreneurs who are passionate about reaching millions of people through new ideas in design and technology. Founded in 2005, Spark Capital manages approximately $1,825,000,000 across five funds. We are in Boston, New York, and San Francisco, and we invest wherever we see the right opportunities. We are currently investing Spark IV, a $450,000,000 fund raised in 2013 and Spark Capital Growth Fund, a $375,000,000 fund raised in 2014. Spark Capital focuses on Internet and mobile investments across the following key categories: advertising & monetization, commerce & services, content & media, financial services, hardware & infrastructure, mobile and social. Some of Spark Capital’s most notable investments include Adap.tv (acquired by AOL), AdMeld (acquired by Google), Oculus (acquired by Facebook), OMGPOP (acquired by Zynga), Tumblr (acquired by Yahoo!), and Twitter (NYSE: TWTR). For more information, visit www.sparkcapital.com.

About Greycroft Partners
Greycroft Partners is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, successfully bring their products to market, and build successful businesses. Greycroft manages $600 million and has made over 100 investments since inception, including leading companies such as AppAnnie, Baublebar, Braintree, Buddy Media, Collective, Extreme Reach, Huffington Post, JW Player, Klout, Maker Studios, Plain Vanilla, Pulse, TheRealReal, Trunk Club and WideOrbit. For more information, visit www.greycroft.com.