Purple Wave’s strategic partnership with global auction site will take KS tech international
October 10, 2023 | Tommy Felts
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro.
MANHATTAN, Kansas — A once-in-a-lifetime opportunity is expected to help homegrown auction tech company Purple Wave scale into the global brand its co-founders always dreamed it could be, said Aaron McKee.
Purple Wave on Tuesday announced a “significant” investment from Copart, Inc., as well as a trajectory-boosting strategic partnership with the global leader in online auto auctions.
“We chose this partnership because it helps us gain an international footprint, an unparalleled international auction community, advanced technologies, and domain knowledge that absolutely no other partner could bring to the table,” said McKee, co-founder of online equipment marketplace Purple Wave alongside his wife, Suzy McKee.
The deal allows Purple Wave — a pioneer in the online auction industry, selling items directly from the seller’s location through no-reserve online auctions — to build upon the community of equipment buyers and sellers it has assembled since the Manhattan company’s founding in 2000.
Financial details of the investment and partnership were not disclosed.
“We have worked together to build a partnership that we are all very proud of,” McKee said. “This represents a significant investment, but we are all in from a capital and personal standpoint looking to the future. Capital was not our limiting factor, in fact Suzy and I are literally not taking a dollar of cash off the table in connection with the investment by Copart.”
Click here to check out Purple Wave’s auction platform, which applies its solutions across multiple industries — construction contractors, agricultural producers, fleet owners, and governmental agencies.
Copart leaders recognized the uniqueness of Purple Wave’s digital-first approach, said Jeff Liaw, co-CEO of Dallas-based Copart.
“This collaboration allows us to leverage our collective expertise for the betterment of our respective marketplaces,” said Liaw. “Most importantly, it reflects our shared commitment to creating long-term value through excellence and innovation.”
Copart’s involvement will support Purple Wave’s mission as it continues to be the easiest, most straightforward way to buy and sell equipment, said McKee, noting the founders and leadership team of Purple Wave will continue to lead the company.
“This is all part of the founder-led culture that is deep in the fiber of Copart’s DNA,” said McKee. “We have put together a partnership that is designed for us to continue to operate Purple Wave as partners in an independent company and brand, while still benefiting from shared efficiencies and resources that help both companies better serve our buyers and sellers.”
Aaron McKee, Purple Wave, center, alongside fellow Pipeline Entrepreneurs Bo Lais, Lula, and A.J. Mellott, Ronawk, during the 2023 Pipeline Innovators Gala; photo by Nikki Overfelt Chifalu, Startland News
As a longtime member of Pipeline Entrepreneurs, McKee said, it’s difficult to imagine where Purple Wave would be without the resources provided by the elite network of Midwest founders.
McKee was among the finalists for Pipeline’s 2023 Member Growth Award.
“It’s been a pivotal factor for Purple Wave to achieve the growth, market presence and experience to achieve an opportunity like this,” said McKee. “I have relied on regular mentorship from my Pipeline network at every step of the way through the process of scaling Purple Waves community, and especially while putting together this partnership.”
“It is awesome to look back at the accomplishments and how Pipeline has been there to support me since 2015 when I joined the program,” he added.
This story is made possible by Entrepreneurial Growth Ventures.
Entrepreneurial Growth Ventures (EGV) is a business unit of NetWork Kansas supporting innovative, high-growth entrepreneurs in the State of Kansas. NetWork Kansas promotes an entrepreneurial environment by connecting entrepreneurs and small business owners with the expertise, education and economic resources they need to succeed.
Featured Business
2023 Startups to Watch
stats here
Related Posts on Startland News
KC Pioneers secure six-figure funding from up-and-coming investment firm backed by MySidewalk exec
“Investment” goes deeper than simply writing a check, Mark Josey said, noting Kansas City’s premier esports league plans on being intentional in raising its $2 million seed round. “When you’re looking for partners, investors and sponsors, it starts at the core with asking: Do they believe in our mission, vision and value? Do they have…
KC couple’s 15-year journey evolves into $4M 24-hour child care center in urban core
A multimillion-dollar expansion for KD Academy is expected to upgrade the early learning and child care center’s capacity from 95 to 430 students at its new headquarters on Prospect Avenue — a redevelopment boon for the east side corridor and the extension of a family’s long-running mission. “Our goal starting out was to create a…
Why KCK’s ‘dopest, 7-fingered, adopted, biracial business owner’ is serving kinship, coffee at his new cafe
When a new coffee shop in KCK’s Strawberry Hill neighborhood opens this fall, the space is expected to feature more than just specialty roasts — with financial literacy programming, community workouts and hip hop yoga sessions on the menu. “It’s never been about, ‘How can I make the most money the fastest?’” said TJ Roberts,…
Beacon analysis: Restaurant relief funds flowed to whiter, more affluent areas of Kansas City
Editor’s note: The following story was originally published by The Kansas City Beacon, a nonprofit, public-service journalism newsroom serving Kansas and Missouri. Click here to read the original story or here to sign up for the free Kansas City Beacon email newsletter. Local businesses received a total of $53 million from the fund, but few of those dollars flowed…