VC Buzz - $158+ million in today's deals
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For the latest on cool Internet Start-Ups and their VC backers, point your browser to: http://www.internetVCwatch.com/
New in the NewsiMotors.com, World Commerce Online, MarketXT, Tickets.com, ChemConnect, Venture Capital Online, Mammothgolf.com, flexemortgage.com, VirtualFund.com, iLumber.com, Comet Systems, Direct Hit, FitLinxx On-line, Skila
SAN FRANCISCO--iMotors.com, a leading online retailer of pre-owned vehicles, announced it has received $57.7 million in its fourth round of funding. The backing came from previous investors Global Retail Partners, Oak Investment Partners, Trinity Ventures, and Vulcan Ventures as well as two new partners, MeriTech Capital Partners and Moore Capital Management.www.imotors.com
ORLANDO, Fla.--World Commerce Online Inc. (OTCBB:WCOL), announced that it has signed an agreement for an additional $15 million of private equity funding to be led by Interprise Technology Partners, L.P., a Miami-based venture capital fund, specializing in the information technology industry. The $15 million investment represents $5 million from ITP as the lead investor, plus an additional $10 million that ITP will help raise from strategic partners, affiliates and other investors. This round of funding follows an initial $8 million that ITP previously provided for World Commerce Online
This financing will fund the marketing launch and ongoing operations of Floraplex, an Internet-based trading community for the worldwide floral industry.www.floraplex.com
NEW YORK--MarketXT, the first extended-hours marketplace designed specifically for the individual investor, announced that the private equity investment firm Warburg, Pincus Ventures has invested $25 million in MarketXT.www.MarketXT.com www.warburgpincus.com
COSTA MESA, Calif.--Tickets.com announced the second closing of strategic investments by Excite@Home and Cox Interactive Media following regulatory approval of the transaction. This second closing, totaling $55 million, completes an $85 million strategic financing previously announced on Aug. 17, 1999. Excite@Home's investment in Tickets.com now totals $55 million and CIMedia's investment totals $30 million. Following the second closing, Excite@Home's president, George Bell, has been elected to the Tickets.com's board of directors.www.tickets.com
SAN FRANCISCO -- ChemConnect Inc., the largest global Internet exchange for chemicals, announced that Chemical Week Associates Inc., a communications and information company for the worldwide chemical business, has invested in ChemConnect. The investment was made through Chemical Week Associates' affiliation with ChemWeek Ventures.
ChemConnect is backed by Institutional Venture Partners, Weiss, Peck & Greer, Goldman Sachs, CMEA Ventures, and Highland Capital Partners. Anderson Consulting, Eastman Chemical Company and Rohm & Haas are also equity investors in ChemConnect.
Chemical Week was acquired in May 1997, by VS&A Communications Partners II, L.P., the $330 million private equity fund affiliated with the New York media and communications investment bank Veronis, Suhler & Associates.www.chemconnect.com
CHICAGO -- Venture Capital Online L.L.C., the private capital community's only membership-based referral service and information hub for entrepreneurs and venture capitalists, announced an investment by Apex On-Line Ventures Inc., a subsidiary of Apex Investment Partners. Details of the transaction were not disclosed.www.vcapital.com
JESSUP, Md.-- Mammoth Sports Group Inc. announced that as of October 12, 1999 it completed a $6.0 million private offering of its Common Stock (through Pennsylvania Merchant Group as placement agent). As a result of the private offering, the company has approximately 13,745,000 shares of outstanding Common Stock.
Mammoth Sports Group, a wholesaler and retailer of golf equipment since 1992, introduced Mammothgolf.com in 1998.www.Mammothgolf.com
DUBLIN, Calif.--E-LOAN Ltd. (UK), a joint venture between E-LOAN Inc. (Nasdaq:EELN), an online lending company, and eVentures, a SOFTBANK and epartners (News Corp.) joint venture, announced the acquisition of flexemortgage.com, the central on-line source of information for flexible mortgages in the United Kingdom.
E-LOAN, Inc. and eVentures also announced the appointment of Andrew Armishaw to CEO of E-LOAN Ltd.www.eloan.com
Internet Fact of the Day
Forrester Research conducted a survey of the top 20 e-commerce sites and found that 67 percent of on-line purchases are never completed, largely because top e-commerce sites have made few, or inadequate provisions for real-time on-line customer service and support.
MINNEAPOLIS -- VirtualFund.com Inc. (Nasdaq:VFNDE), an Internet Venture Resources & Investment company, announced its intention to sell both ColorSpan and the balance of its wholly owned Digital Graphics Business Unit. This plan is a result of the company's decision to focus on its Internet Services Business Unit and its recently announced B2BXchange Internet business-to-business operating environment. www.virtualfund.com
TORONTO--iLumber.com Corp., the softwood lumber industry portal, announces that it will launch LumberSurplus.com and LumberBroker.com, comprehensive, real-time lumber trading communities with tools and features customized specifically for the lumber industry. LumberSurplus.com will provide a trading environment geared towards the liquidation of surplus yard.
Over the next six months, ilumber.com will be expanding its marketing efforts to penetrate the Canadian/U.S. marketplace. With the initial round of financing complete, the second round is now underway.www.ilumber.com
NEW YORK--Comet Systems, developers of the Comet Cursor, closed separate deals with RealNetworks (Nasdaq:RNWK) and MindSpring Enterprises Inc. (Nasdaq:MSPG). Comet Systems Inc. is the developer of the Comet Cursor, a rich media technology that lets Websites and Web advertisers display a customized graphic or animation in place of the conventional "arrow" cursor.
Comet Systems raised $7 million in July 1999, a second round led by Scripps Ventures, with follow-on investors MacAndrews & Forbes Holdings, PS Capital Ventures, Hudson Venture Partners L.P., Advantage Capital, Carlin Ventures, and Value Capital L.P. Comet Systems raised $2.5 million in 1997 from Prospect Street Ventures and Bob Lessin.www.cometsystems.com
WELLESLEY, Mass. -- Direct Hit, a provider of search technology which learns from the experience of millions of Internet users to deliver more accurate search results, announced it has signed an agreement to provide search results to Punto, a new portal offered to Italian consumers and backed up by Kiwi I Ventura Servicos S.A. and 3i.www.directhit.com www.punto.it
Who's Who & Where
STAMFORD, Conn. -- FitLinxx Inc., leader in empowering people to succeed in fitness and healthy living, announced the appointment of Steve Slon as editor-in-chief of FitLinxx On-line. Steve is responsible for the editorial strategy and content development of the company's new Web site, FitLinxx On-line, which is launching later this fall.
FitLinxx has secured more than $25 million in funding to date from four leading venture capitalists and several private investors.
MAHWAH, N.J. -- Skila Inc. announced the appointment of John J. Neeson to the position of chief operating officer. In this role, Neeson will oversee the day to day operations of Skila, a privately-held, 2nd generation Internet company, which provides business intelligence and e-knowledge solutions to the pharmaceutical, medical device and biotechnology industries.
The company's investors include The Sprout Group, a venture capital affiliate of Donaldson, Lufkin and Jenrette (NYSE:DLJ) and Crosslink Capital Inc. (formerly Omega Venture Partners). www.skila.com
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