Hearst-backed vintage goods auctioneer Auctionata has agreed to merge with contemporary art auction platform Paddle8 to target the sub-$500,000 market.
Auctionata, a Germany-based online auction platform backed by media group Hearst, agreed on Thursday to merge with US-based peer Paddle8.
Founded in 2012, Auctionata operates a livestreaming auction platform that sells vintage luxury goods such as cars, jewellery, watches and wine from continental Europe.
Auctionata had raised $88m, $45m of which came from a March 2015 round featuring Hearst’s corporate venturing unit Hearst Ventures, as well as E.Ventures, MCI Management, Holtzbrinck Ventures, Bright Capital, Kreos Capital, Yuan Capital, Earlybird,…
