The round was led by Bay Partners Fuels, an Internet-based technology investor. Besides Bay Partners additional investors included RRE Ventures, a New York-based technology investor and the lead investor in the company's first round of funding.
Revenue is generated through commissions that come from successful online auctions.
In the old days, one or two years ago space on a plane was auctioned off via phone and fax in a fragmented, hurly-burly system of doing business that involved hours of frantic negotiating as space become available. Now things have changed. That accounts for the cost of sales and marketing to acquire a customer. The company currently services 33 airlines including United Airlines, El Al, Canadian Airlines, Mercury Air Cargo and Nippon Cargo Airlines. In the next quarter the company said it intends to increase its staff of 45 to 10 more people.