“Buy what you want at your price” is the motto at startup BuyStand, and the company has a new chief financial officer to help in its own financial decisions.
Charlie Farrell, a long-time former financial executive at auto industry website Edmunds.com, is joining the emerging Durham company as its CFO, BuyStand announced Thursday. (In a Q&A with CED, Farrell talks about his new role.)
The company launched a beta trial of its technology in October.
Farrell is not new to either the Triangle or BuyStand. Having helped launch Pinpoint (later Motricity) in Durham, Farrell has recently served as a mentor and advisor for companies through the Council for Entrepreneurial Development. That’s how he met Joe Davy, BuyStand’s chief executive officer.
“When I first met Charlie in 2011, I was struck by his entrepreneurial spirit,”Davy said. “Charlie has a very deep keel, but he also brings a sense of urgency to the team; finding both these traits in one person is rare. We have already experienced the benefit of his energy, perspective and experience.”
Davy joined BuyStand in September as its CEO. Ted Kraus launched the online marketplace in 2011.
“At Edmunds I witnessed first hand how the power of a good idea matched with careful execution can power a company’s growth,” said Farrell. “In BuyStand I see a game changing approach for consumers and retailers that yields a win-win for both groups. The exceptional team at BuyStand forms the foundation for an incredibly exciting and successful venture.”
BuyStand is backed by 8 Rivers Capital in Durham.
Farrell earned an MBA at Harvard and an undergraduate arts degree at Duke.