FOBO is a mobile app that provides a local marketplace for selling consumer electronics by instantly pricing items (typically using average eBay prices) and running short auctions. Listings trigger auctions that last roughly 97 minutes, and the app guarantees sellers a starting price and pays them upfront. If an item fails to sell to another user, FOBO purchases it at the guaranteed price and handles resale, using that mechanism to seed marketplace supply rather than operate as a large-scale reseller. In a 1,000-person beta run over recent months, FOBO sold 92% of items listed. Buyers pay in-app, agree pickup times that work for sellers, and can subscribe to device categories to receive notifications. The company launched in San Francisco and has raised external funding to support its rollout.

Total raised

$2M

Funding rounds

1

Latest round

Equity

Latest activity

Jan 2014