MaxSold, the downsizing and estate service platform, secures $3M growth financing from BDC Capital
KINGSTON and OTTAWA, March 11, 2020—MaxSold, a highly innovative online estate and downsizing auction company based in Kingston, Ontario, has secured 3 million dollars in non-dilutive financing from BDC Capital’s Growth & Transition Capital division. MaxSold was founded in 2010 by Barry Gordon and is led by CEO Sushee Perumal. Barry Gordon is a veteran auctioneer and appraiser, and the only Canadian inductee in the Hall of Fame of the National Auctioneers Association of the United States.
MaxSold’s 500-member team takes a large burden off clients who have estate or downsizing needs by providing local expert help to sell household contents on the company’s online platform. This process takes under two weeks and requires only two onsite visits. With a sell through rate exceeding 95%, CEO Sushee Perumal says, “MaxSold keeps these items out of landfills, saves the client the cost of paying a junk removal company, and makes the estate or downsizing event enjoyable.”
“We are pleased with how closely BDC Capital worked with us to arrive at a structure that best met MaxSold’s needs,” says Perumal. “BDC Capital’s financing will be used to make key hires, continue to develop proprietary technology and training tools, and fuel ongoing expansion in the U.S.,” adds Paul Vickers, the company’s CFO. BDC Capital’s investment was made as a patient mezzanine structure with an all due balloon at term.
Laura-Lee Brenneman, Director, Growth & Transition Capital led this transaction out of BDC Capital’s Ottawa West office. “No other company in North America matches MaxSold’s breadth of services and ease of use to help downsizers and estate sales move their items quickly,” affirms Brenneman. “With their combined experience, skills and energy, Barry, Sushee and Paul make up an exceptionally capable leadership team that will guide the company through its next phase of growth.”
MaxSold Incorporated operates in 35 metropolitan areas in Canada and the U.S. to help people to clear household contents. Working directly with downsizing, estate and relocation clients, and with over 500 partner companies in the elder care and relocation industries, MaxSold has already helped over 16,000 clients sell over 1.8 million items. Visit maxsold.com to learn more.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.