AuctionPoint, a commercial real estate online auction platform, has received a strategic investment from Tom Anderson, co-founder of MySpace, who also joins AuctionPoint’s Board of Advisors. The terms of investment were not disclosed.
“AuctionPoint is bringing sophisticated technology to an otherwise traditional industry,” Anderson says. “Industry players are realizing that these new ways of doing business are essential to jumpstart the marketplace.”
Anderson will provide strategic counsel on the company’s corporate vision and growth strategy as well as input on technological developments.
“Tom’s expertise, and successful background in social media and viral marketing will be instrumental in guiding AuctionPoint’s business plan, helping us identify opportunities to advance the business and forming future strategic alliances,” says Joe Tang, co-founder and chief executive officer of AuctionPoint.
Anderson’s venture marks the second high-profile investment in the online auction platform for 2010. In March, LoopNet, operator of an online commercial real estate marketplace, announced a strategic investment in AuctionPoint.