VC Buzz - $111.9+ Million in Today's Deals
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New in the News
Convergence Partners, Sun Equity Investment Portfolio, Neoforma.com, traffic.com, MarketScape, eHome, TrueSpectra, RightWorks, SpotTaxi.com, Charitableway, ChamberBiz, Panasonic Internet Incubator, ThinkTank.com, Trading Edge, MergerNetwork.com, Simpli.com, ChannelPoint
MENLO PARK, Calif.--Convergence Partners, a Silicon Valley venture capital firm founded in 1997, announced the formation of Convergence Ventures II LP, a new venture fund focused on the development of business-to-business electronic commerce solutions companies. The $125 million fund is expected to provide early-stage funding for 15 to 18 start-ups.
PALO ALTO, Calif.-- Sun Microsystems Inc. (NASDAQ:
SUNW) announced the formation of a $200 million investment fund to promote innovation by companies developing products, markets and services based on Sun's technology and platforms. Jonathan Schwartz, formerly vice president, general manager for development tools, has been named vice president, Sun Equity Investment Portfolio, effective December 1, 1999. Sun intends to partner with leading venture capital firms and investment banks to identify minority investment opportunities in companies fueling the next generation of Internet deployment.
SANTA CLARA, Calif.--Neoforma.com, a leading provider of business-to-business e-commerce services in the healthcare marketplace, announced it has completed a $70.5 million equity investment from a group including Dell Computer (Nasdaq:
DELL), GE Equity, Superior Consultant (Nasdaq: SUPC), SAP America, Inc. (NYSE ADR: SAP) Amerindo Investment Advisors, divine interVentures, Owens & Minor (NYSE: OMI), Physician Sales and Services (PSS/World Medical) (Nasdaq: PSSI), VerticalNet, Inc. (Nasdaq: VERT), Bowman Capital Management LLC, Venrock Associates, and others.
CAMP HILL, Pa.-- traffic.com, a provider of real-time and predictive traffic information to businesses and consumers, announced the completion of its second round of financing, totaling $19 million. The investors include Internet Capital Group (NASDAQ:
ICGE), TL Ventures, and Bessemer Venture Partners.
traffic.com is focused on being the market maker for traffic and logistics information services. It collects data through its own proprietary collection network and aggregates data from available sources resulting in real-time information concerning conditions on highways, airports and ports in the United States. Data is provided to end users in business (logistics and fleet services), government agencies and the traveling public via numerous communications platforms such as the Internet, wireless devices, in-vehicle navigation units and traditional broadcast media.
COLORADO SPRINGS, Colo.--Catalyst Partners Inc., announces the closing of a follow-on round of financing for MarketScape Inc., a Colorado Springs-based software and services company. Catalyst Entrepreneurial Fund I, LP led the round of investment joined by new investors SI Ventures and Wolf Ventures, and existing investors Liberty Advisors and Access Venture Partners.
Since 1996, MarketScape, Inc. has been a provider of interactive sales and marketing applications, enabling companies to access information without an Internet connection. MarketScape is a corporate portal communications company that helps their clients increase sales productivity by improving channel communications.
CAMPBELL, Calif.--eHome, a privately held online real estate brokerage for home sellers, announced it closed $4 million in its second round of funding with angel and real estate community investors. The Web site is slated to launch early November 1999 and the company will open its first regional hub in San Jose, Calif., servicing the greater Bay Area. eHome raised its funding through Garage.com, an early-stage venture financing firm.
TORONTO--TrueSpectra, a leader in network imaging for e-commerce, has completed a $5.4 million round of financing with new and current investors. New investors include MM Venture Partners, backed by US partner GATX Capital Corporation of San Francisco, and CedarPoint Investments. Current investors include Royal Bank Capital Corporation, Triax Growth Fund managed by Altamira, Business Development Bank of Canada, Lawrence & Company, CastleHill Ventures, and Dawlish Capital.
SAN JOSE, Calif. -- RightWorks Corp., a leading provider of eProcurement systems to enterprises and procurement service providers, announced it has raised an additional $13 million, bringing it's total financing to date to $25 million. The round, led by Lehman Brothers, includes i2 Technologies, Sequoia Capital, and other investors.
SEATTLE -- Central Media Incorporated, a Seattle-based company, announced plans to launch SpotTaxi.com, a new radio advertising distribution system, following a first round investment from The Ackerley Group (NYSE:
AK), the Seattle-based media and entertainment company, and a select group of e-business angel investors. SpotTaxi.com's user-friendly website will integrate the organization, management and distribution of radio advertising by using the Internet to distribute spots faster and more efficiently than current forms of distribution.
PALO ALTO, Calif.--Charitableway announced that it has secured funding from Benchmark Capital and Softbank Technology Ventures to build a web site devoted to using the best Internet technologies to raise funds for nonprofit organizations. Having received an initial investment of $8.3 million, Charitableway will focus on building and maintaining an infrastructure featuring information and ways to donate to charities.
WASHINGTON -- The United States Chamber of Commerce and high-tech entrepreneur Raj Singh have agreed to create ChamberBiz, an Internet portal, that will be equipped to provide information, support, connectivity and discounted buying services to the estimated over 8 million small business firms in the United States.
Under the agreement, Singh's Alexandria, Va.-based Telcom Ventures will invest up to $24 million in ChamberBiz, which will provide small businesses the information, advice, and purchasing power for goods and services currently enjoyed by large companies.
CUPERTINO, Calif.--The Panasonic Digital Concepts Center (PDCC), a subsidiary of New Jersey-based Panasonic Technologies Inc., announced the opening of the Panasonic Internet Incubator (PII), a business incubator for early-stage Internet and E-commerce companies.
Panasonic's new technology incubator pioneers a partnership-intensive approach to corporate venturing in Silicon Valley. Located in PDCC's 15,000 square foot facility in Cupertino, PII provides early-stage companies with physical space and shared business services. Funding for incubated companies is available through Panasonic's parent company Matsushita Electric Industrial Co., Ltd. (NYSE:
MC), one of the world's leading developers and producers of digital electronics products for the home, the office and in-between.
DANA POINT, Calif. -- ThinkTank.com, a newly created full-service Internet incubator that identifies, creates and operates Internet businesses, announced its official formation. Created by BUY.COM founder, Scott Blum, ThinkTank.com will be dedicated to providing entrepreneurs with the business-critical services needed to rapidly transform innovative ideas into solid Internet companies.
Blum has invested $20 million of his own capital to launch ThinkTank.com. The company will be an affiliate of SOFTBANK Corp.'s new HotBank Network covering its Southern California area. SOFTBANK has committed $200 million to ThinkTank to finance the venture capital stage of these businesses.
NEW YORK--Trading Edge Inc., a fixed-income securities broker and creator of BondLink, announced that it will launch a real-time news service on its BondLink trading service. Trading Edge has hired John Curran as editor-in-chief of the BondLink News Service.
This service will offer institutional investors instant access to exclusive fixed-income securities news and commentary while they are logged in to the BondLink system. BondLink is the first solution for transparent, anonymous and secure high-yield bond trading over the Internet.
Trading Edge receives funding from Technology Crossover Ventures, Brentwood Venture Capital and from Media Technology Ventures.
Who's Who & Where
CAMBRIDGE, Mass.--MergerNetwork.com, a leading middle market Mergers and Acquisitions Web site, announced the addition of three industry experts to its management team. Bill Brock joins MergerNetwork.com as president and chief operating officer, Frank H. Fuller joins as vice president sales, and Derrick Egbert joins as vice president of marketing.
Mergernetwork.com's, next step is to raise an additional $40 million in Venture Capital financing by year-end to develop a series of related business to business sites.
PROVIDENCE, R.I.--Simpli.com Inc., developer of patent-pending meaning-based search technology, announced the appointments of Joseph A. Newcomb as chief financial officer and general counsel and Stephen L. Mendola as director of business development. Newcomb was previously a principal at Enterprise Capital Partners, and Mendola was most recently a senior manager of Andersen Consulting.
COLORADO SPRINGS, Colo.-- ChannelPoint Inc., an Internet exchange provider for insurance, announced the election of Steven M. Gluckstern to its Board of Directors. Gluckstern, a well-known insurance industry veteran, expands the company's board of directors to six members. Gluckstern, 48, is a partner and co-founder of Capital Z Partners, a private equity fund investing in financial services.
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