BuyStand, which recently named a new chief financial officer, is raising new funding, according to an SEC filing.
The company, which focuses on ecommerce that helps consumers buy products at the prices they want to pay, has raised $450,000 from five investors, it reported in the filing.
The investors weren’t identified.
Minimum investment was $25,000, BuyStand said.
It is looking to raise a total of $2.5 million in a mix of debt, options and warrants.
Charlie Farrell, a long-time former financial executive at auto industry website Edmunds.com, recently joined BuyStand as its CFO.
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.
Davy joined BuyStand in September as its CEO. Ted Kraus launched the online marketplace in 2011.
BuyStand is backed by 8 Rivers Capital in Durham.
