Online auction company YouBidLocal Inc. will develop and launch the next generation of its web-based software platform due in part to a $50,000 Government of Canada investment announced recently by the Honourable Gary Goodyear.
“Our government is investing in the ideas and the people of southern Ontario to create jobs, growth and long-term prosperity,” said Minister of State Goodyear. “This investment in YouBidLocal Inc. will allow the company to expand its innovations, resulting in increased sales and new jobs for our region.”
The investment in YouBidLocal Inc. is being provided through FedDev Ontario’s Investing in Business Innovation initiative. The funding will allow YouBidLocal Inc. to leverage an additional $375,000 in private sector investment from a member of York Angel Investors Inc., a southern Ontario angel investment network. The funding will be used to complete development of the next generation of its technologies and processes.
Based in Kingston, Ontario, with an office in Toronto and staff across Ontario, YouBidLocal Inc. offers clearance auctions for estate sales, downsizing situations, business liquidations, and inventory reductions through online auctions. The company has held more than 300 auctions in 30 months, selling 99 per cent of available items.