Reverse-auction site Dropit is going back to its original stadium market having burned through $5m in funds from investors including Rich Listers Roger Lampen and Adrian Burr with little to show for it.

But co-founder Peter Howell says the company has just raised new funds and is lining up new customers for what he describes as a new, improved version of its product.

Howell would not say the exact amount of the new raise, closed October 18, but he told the Herald it was "more than $500,000."

He would not give a private-equity valuation, but conceded it was a down-round

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