Everything But The House lands $41M of venture capital cash
By raising $84.5 million from investors in eight years, online estate sale marketplace Everything But The House is reaching heights few Cincinnati startups have been able to achieve.
In 2008, founders of Everything But The House (EBTH) entered what they described as a fragmented and antiquated market for managing estate sales. The goal: Create an online platform that could allow a global audience to identify, buy and receive items no longer wanted by their current owner.
On Monday, EBTH officials said the firm raised $41.5 million in its latest round of venture capital fundraising. EBTH's "Series C" round of investment is expected to help the Downtown Cincinnati-based company grow its operations, build out technology platforms and expand its team nationally. Maryland-based Greenspring Associates led the latest round of investment in EBTH with participation from Greycroft Partners and Spark Capital.
“Our company has experienced exponential growth over the last year as we help to downsize the largest generation of boomers in our country’s history," said Andy Nielsen, president and chief executive of EBTH, in a statement. "With the size of the market estimated to grow by $10 billion over the next four years, we are taking on this strategic funding while reporting 110 percent year-over-year revenue growth."
Earlier this year, Inc. magazine ranked Everything But The House No. 1,143 on its list the nation's 5,000 fastest-growing privately held U.S. firms. EBTH reported $30.1 million of revenue in 2015 and 340 percent revenue growth in the last three years, the magazine's list said.
In a statement, Greenspring Associates managing general partner Ashton Newhall said the firm was "thrilled" to return to investing in EBTH. Newhall said he has been "incredibly impressed with the executive team’s passion and drive to become the national leader in the estate sale industry."
The company is also adding two executives to its team. Longtime E.W. Scripps Co. official Tim Stautberg is the company's new chief financial officer and Scott Griffith is joining the company's board of directors. Stautberg was president and CEO of Journal Media Group after leading the effort to spin-off and merge the Scripps newspaper group with Milwaukee-based Journal Communications. Griffith is the former chairman and CEO of car-sharing company Zipcar.
The company moved into its new Downtown offices at 105 E. Fourth St. about a year ago. Earlier this year, it pledged to add 275 workers at a Blue Ash warehouse as part of its local expansion plan. Everything But The House handles more than 350 estate sales a month and operates the website www.ebth.com.
EBTH hiring for new jobs
The Downtown-based company is hosting an open interview day Nov. 12 for jobs at its Blue Ash distribution center. The open interview will be between 9 a.m. and 1 p.m. at 6000 Creek Road. EBTH is hiring for its second operating shift, which runs from 4:30 p.m. to 1 a.m., and part-time positions are available. The company is searching for fulfillment specialists, catalogers, photographers and attribution specialists. The company asks attendees to bring resumes.