ACV Auctions quietly raised $55 million in venture capital in September
By Dan Miner
Buffalo Business First
ACV Auctions quietly closed on $55 million in venture capital last month, bringing on new investors as its corporate structure continues to evolve.
The round was led by Durable Capital Partners, a Maryland-based private-equity firm, and includes existing investors such as Fidelity Management and Research Co. ACV also established a $50 million line of credit from a bank.
An ACV spokeswoman said more details on the funding would be available in the coming days.
"The funds will be used to invest in market expansion, technology and product innovation," she said.
Last November, ACV Auctions closed on $150 million in Series E funding with a post-money valuation around $1.5 billion. That event remains the largest venture capital round ever in Buffalo.
The new round of funding was first reported this week by the Wall Street Journal.
ACV has made a flurry of announcements in the last few weeks, fueling speculation about its preparation for an initial public offering, though executives have declined to speculate on a potential IPO.
One of those announcements includes three new board members with experience in liquidity events and running public companies, including Rene Jones, CEO of M&T Bank. Earlier this week, ACV announced two new executive appointments, including chief financial officer Bill Zerella, who was CFO of Fitbit when that company went public in 2015 and was most recently CFO of Luminar Technologies, which is in the process of going public through an acquisition by a special purpose acquisition company, or SPAC.
Headquartered in Buffalo, ACV was founded in 2014 by three people and now has more than 1,000 employees across the U.S.
ACV is the 14th local startup to acknowledge private, growth-oriented financing this year. Others include Squire Technologies ($34 million), Tackle.io ($7.2 million), CleanSlate ($7 million), Kyklo ($4.5 million), SparkCharge ($3.3 million), Pop Biotechnologies ($3 million), CleanFiber ($2.9 million), Circuit Clinical ($2.2 million), MimiVax ($2 million), Buffalo Automation ($500,000), HELIXintel ($500,000), BetterMynd ($250,000) and Capti Voice (undisclosed).
This article originally appeared in Buffalo Business First.