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Finalist For Britain’s Million Pound Startup Competition Buys FaceBuy.com For $10K On Sedo

Posted on the 14 August 2013 by Worldwide @thedomains

The domain name FaceBuy.com just sold on Sedo for $10,000 and I think the seller may not be thrilled when they realize the buyer is a App developer from Australia who has already gotten some mainstream coverage in the press and whose Facebook page has almost 9,000 likes.

The start up is so successful that they are a finalist for Britain’s Million Pound Startup Competition.

The company was covered by the theaustralian.com.au, just a month ago:

“Stephen Chapman, has developed a social selling app for iPhones that makes it easy for people to sell things to their Facebook friends and Twitter followers”.

“Called Facebuy, the app aims to take on the likes of eBay by making it cheaper and easier for people to sell their goods on social networks from their phone”.

“The company, which is privately funded by Chapman and his father, Arthur, who operates an invoice automation company, will charge a flat $2 per sale plus a 30c transaction fee”.

“I saw a lot of people, especially girls, selling stuff on Facebook by uploading a photo and in their comments putting the price,” Chapman said. “I thought it would be really good if they could upload everything.

“You don’t have to be Facebook friends to buy. You can be outside Facebook.”

“The app has been downloaded more than 500 times and has more than 300 users in its first two weeks, Chapman said.”

“We’re aiming for 50,000 downloads in the first 12 months,” he said. “Hopefully we’ll get a 25 per cent conversion rate. That’s 12,500 sales.

“There are 500,000 sales on eBay everyday. That’s a huge market.”

Mr Chapman said he was in the process of trademarking Facebuy internationally. The next step for the business is to develop the capacity to handle international currencies.

“Then we’ll be able to get it on Android in September/October,” he said.

“Facebuy became one of 250 businesses that that will compete in Britain’s Million Pound Startup competition. The winner will receive one million pounds to help to build their company into a sizeable business but will have to relocate to Britain.”

Hum

I certainly hope everyone that reads the blog does a little research to see who the “buyer” of your domain might be before quoting prices.

The same company already owns Facebuyapp.com

You can check out the App here

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