PawnGuru is not only growing fast, it's growing in several directions.
The Southfield-based startup brings pawnshops into the world of 21st century e-commerce. Put simply, PawnGuru's software platform helps pawnshops and their customers pawn and sell items online. So far the 1-year-old company has facilitates $4 million in offers for over 20,000 people.
"We just crossed 1,300 pawnshops that use our free plan," says Jordan Birnholtz, director of marketing for
PawnGuru. "That's one in 10 pawnshops in the U.S. using our free plan."
Those pawnshops are located in major markets like Houston, Atlanta, Chicago, and Detroit. PawnGuru is currently looking to grow its clientbase further across the U.S.
"We're getting a lot of new customers," Birnholtz says.
And they're not just targeting pawnshops. PawnGuru is fielding interest from antique stores, coin shops, and other second-hand-type stores. Birnholtz also points out that many of PawnGuru's users are leveraging it for more than just pawning off goods.
"Increasingly people are using us to buy and sell items," Birnholtz says. "They're seeing us as an alternative to Craigslist and eBay."
PawnGuru and has grown its team to five employees and an intern since launching in the summer of 2014. It is currently looking to lock down a seed capital round worth between $1 million and $2 million later this year.
Source: Jordan Birnholtz, director of marketing for PawnGuru
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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