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GroupServe Closes $3.5 Million Funding

GroupServe, a developer of wireless-enabled, Internet-based groupware applications for team collaboration, is closing a $3.5 million first round of venture financing, bringing the Arlington, Va.-based firm's total amount raised to $6.4 million. GroupServe has primarily earmarked the latest financing to support its upcoming commercial launch of its team collaboration solution, GroupPort, in early March. It also has set aside money for sales and marketing efforts.

Leading the investment was Monumental Venture Partners LLC's fund, MVP America, LP, with additional funding coming from ForceNine, LLC and several individual investors. Efforts for securing the next round of funding are currently being planned for after the product launch.

"GroupServe is an exceptional opportunity for our investors and our corporate partners," said Roland Oliver, chairman and president of Monumental Venture Partners, LLC. "Here is the best of both worlds, a compelling value proposition combined with a focused, proven group of executives delivering on the promise and vision of GroupServe."

GroupServe was one of the first companies to develop a groupware team collaboration tool built from the ground up to support wireless technologies. GroupServe's ASP solution, GroupPort, is delivered through a Tier One channel of wireless carriers and device manufacturers. GroupPort simplifies communications between project teams and mobile users, as critical business information can be accessed via any browser-based device. The company's Web site is located at http://www.groupserve.com.

"Closing this financing comes at the best possible time for us, as we are in the final stages of preparing for the commercial product launch of GroupPort. We know that GroupServe has all the right ingredients to succeed, as securing funding in the current financial environment requires a solid business plan, an experienced management team and a clear path to profitability," said GroupServe President and Chief Executive Officer Tom Stroup.