FedBid
Founded Year
2000Stage
Acquired - II | AcquiredTotal Raised
$8MAbout FedBid
FedBid is a provider of reverse auction services, optimizing how businesses, governments and educational institutions buy the goods and services they need. Currently, more than 75 federal, state and local government agencies and departments use FedBid's online marketplace as a key component of their purchasing strategy. FedBid's innovative, patented and FAR-compliant acquisition solution helps Buyers expand their supplier base, while saving time and money. At the same time, Sellers gain greater access to opportunities to compete and win contracts. In 2016, more than 90 percent of contracts awarded through FedBid went to small businesses.
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FedBid Patents
FedBid has filed 3 patents.
Application Date | Grant Date | Title | Related Topics | Status |
|---|---|---|---|---|
1/25/2013 | 6/6/2017 | Financial markets, Online auction websites, Auction theory, Auctions, Pricing | Grant |
Application Date | 1/25/2013 |
|---|---|
Grant Date | 6/6/2017 |
Title | |
Related Topics | Financial markets, Online auction websites, Auction theory, Auctions, Pricing |
Status | Grant |
Latest FedBid News
Jun 21, 2018
Startup 365 Posted on cloud based, reverse auction marketplace has been selected for use by the U.S. Department of Labor (DOL) through a newly-awarded contract available to all DOL contracting offices. “The FedBid team is proud to support the mission critical work of DOL Buyers,” said Compusearch CEO, Reid Jackson. “We look forward to continuing our partnership working directly with Buyers to identify and overcome the unique acquisition challenges they face.” FedBid’s contract is one base-year with four option years. The company’s easy-to-use system, expert sourcing, quality assurance and account management support staff help drive greater efficiency in the acquisition process, reducing time spent on procurement actions, while also being fully-compliant with the Federal Acquisition Regulation (FAR). Additionally, FedBid’s dynamic, competitive platform facilitates best-value contract awards based on a real-time view of current market pricing for the goods and services a Buyer is looking to purchase. Over the last 12 years, DOL Buyers have awarded more than $71 million in contracts through FedBid’s marketplace, 95 percent of which went to small businesses. Compared to their original Independent Government Cost Estimates (IGCE), FedBid has driven more than $4.9 million in cost reductions through the use of reverse auctions, while also helping expand DOL’s supplier base and drive efficiency and time savings into the purchasing process.
FedBid Frequently Asked Questions (FAQ)
When was FedBid founded?
FedBid was founded in 2000.
Where is FedBid's headquarters?
FedBid's headquarters is located at 8500 Leesburg Pike, Vienna.
What is FedBid's latest funding round?
FedBid's latest funding round is Acquired - II.
How much did FedBid raise?
FedBid raised a total of $8M.
Who are the investors of FedBid?
Investors of FedBid include Unison, Revolution Growth, Blue Water Capital, Daston Corporation, Sun Capital Partners and 7 more.
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