Online auction site allows consumers to get products at deep discounts Swoopo, an online auction marketplace that helps consumers buy products at deep discounts, on Thursday announced it’s raised a $10 million round of financing from August Capital, joining Wellington Partners, which invested in late 2006.  The idea behind Swoopo, which takes inventory of the goods it sells, is to start the bidding price very low. For each bid, a person has to pay 75 cents. When a person is bidding for an iPod at $5.00, 75 cents isn't much. Swoopo often sells products below retail. But as long a product sells for more than 20% of the retail price, Swoopo can break even. This is because the bidding revenue can cover the remainder of the cost.  Recently, Gunner Piening, CEO ...   [ Read more ]