Gadget reselling marketplace Gazelle announced Monday it has raised $9.5 million in new funding from existing investors Venrock, RockPort, Physic and the founder of CarMax, Austin Ligon. The South Boston company will also be gaining a new chief executive, as current CEO Israel Ganot steps down and CFO Chris Sullivan takes his place at the helm.
Chris Sullivan has served as Gazelle’s CFO since 2010. Prior to joining the company, he held the CFO position at Fidelity Investment Group and Pegasystems.
The company enables people to resell their old tech by sending in their smartphones, computers and iPods into Gazelle for a quote. The item is then posted on Gazelle’s online marketplace.
Including Monday’s funding, Gazelle has raised a total of $55.9 million since its 2006 inception. The electronics reseller recently claimed to have banked $100 million in revenue in 2013, and reported growth of 150 percent year over year.
Image via Gazelle
