Congratulations to Buffalo startup company ACV Auctions, which completed its’ Initial Public Offering of stock on the NASDAQ exchange on Wednesday at a close of day market valuation of $4.8 Billion. ACV is a rapidly growing auto dealer online auction platform that is having a huge impact on the Western New York economy.
The Buffalo Angels, a group that invests in local startups, met with ACV’s founders in early 2015 to consider investment in the company’s first angel funding round. At the time ACV was three bright guys, an app that was about to go live, and hadn’t yet sold a car online. The Buffalo Angels operates both as a fund, which requires the approval of a majority of the fund members to make an investment, and a network in which members may decide to invest individually. Although the fund didn’t receive enough “yes” votes to make an investment, two of our members had the foresight and risk tolerance to invest personally. Those two members are VERY happy and much wealthier today!
Click here to read a Buffalo News article about ACV’s IPO and its impact in the community.