eBid.ie, the Irish online auction company launched in January, has completed a £700,000 fundraising which the company said would cover its operating and development costs for the next 15 months. Half of the funding came from existing investors, with the balance from new investors. But the initial funding target of £2 million was scaled back because of the negative market sentiment towards dotcom companies. And the company has had to defer its planned expansion into a business to business service. Chairwoman Ms Claire Cronin said the company had recorded consistent growth.

eBid is aiming to turn into profit by the middle of next year.