FedBid
| Private | |
| Industry | e-Commerce |
| Headquarters | Vienna, VA, United States |
|
Key people
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Joseph Jordan (CEO, President), Ted Leonsis (Vice Chairman), Mark Costanzo (Chief Financial Officer), Jeff Shrader (General Counsel, Chief Compliance Officer), Jonathan Swain (Chief Administration Officer & SVP, External Relations) |
| Website | www.fedbid.com |
FedBid, Inc. is a privately held company based in Vienna, Virginia that operates a fully managed online marketplace designed to optimize how federal, state and local governments, and educational institutions purchase simple goods and services such as IT products, office supplies and lab equipment, through a reverse auction-based platform.
FedBid was founded in 1999 as a division of privately owned Procurement Technologies, Inc. of Gaithersburg, Maryland and initially raised more than $5 million in equity funding (Garage.com, Harvard Investment Group, Sun Capital Partners, and other equity funds) to launch the FedBid website. The idea came to Phil Fuster (a FedBid founder) when he became frustrated with the process of bidding on an RFQ. The company ceased operations in December 2000 when it could not secure a second round of financing. In 2001, the FedBid online marketplace reopened under the ownership of Advance Technology, Inc., which changed its name to FedBid, Inc. in 2004. The new FedBid expanded the focus of its online marketplace from U.S. federal orders to purchase order (PO) transactions for bigger purchases of commercial items, including commodity-type goods and simple services.
According to company officials, transaction volume through FedBid.com grew from $31 million in 2003 to $94 million in 2004, and $204 million in 2005. In 2007, FedBid was awarded a business method patent (7,272,579) for its Auction Based Procurement System. US 7272579 In October 2009, FedBid announced that a record $875 million worth of purchases had been conducted though its site in FY2009, a 20% increase over FY2008. For FY2010, the company reported that $1.15 billion worth of purchases were conducted through its site in the prior fiscal year, a 30% increase over FY2009 and a 50% increase over FY2008.
In January 2012, FedBid won a major investment from the newly launched (December 2011) Revolution Growth Fund. Headed by Steve Case, Ted Leonsis and Donn Davis, Revolution Growth is now the largest investor in FedBid. As part of the agreement, Leonsis was named Vice Chairman of the Board of FedBid. The FedBid Board also includes General George Casey, the former Chief of Staff of the U.S. Army; Kim Cooke, Founder and Managing Director of Blue Water Capitol; Susan Bostrom, former CMO of Cisco; and Scott Hilleboe, also with Revolution Growth.
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