VC Buzz - $16 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 NewsAtomic Pop, eVentures Group, BlindGift.com
MIAMI--New Valley Corporation (OTC:NVAL) today announced that it will make an additional equity investment in the Internet music company Atomic Pop, in conjunction with Rare Medium Group, Inc. (NASDAQ: RRRR). The new investment by New Valley and Rare Medium Group's investment will total approximately $10 million. Additionally, Rare Medium will provide Internet development services to Atomic Pop.
Atomic Pop, the 21st century music company, is based in Santa Monica, California, and operates the Internet site www.atomicpop.com. Atomic Pop was founded by Al Teller, the former head of MCA Music Entertainment Group and president of CBS Records. Atomic Pop is a new model music company dedicated to leveraging the digital medium to change the way music is acquired, promoted, sold and distributed.
Rare Medium is a leading Internet solutions firm and is engaged in the business of making venture and incubator investments in Internet companies. Apollo Investment Fund IV, L.P. and related entities recently completed an $87 million investment in Rare Medium.
New Valley is principally engaged in the investment banking and brokerage business, through Ladenburg Thalmann & Co. Inc., the real estate business in Russia, through BrookeMil Ltd. and Western Realty, and investments in Internet-related businesses.www.raremedium.com
DALLAS--eVentures Group (OTCBB:EVNT), an Internet venture capital holding company, announced the completion of a $6 million private placement of common and preferred stock. This represents eVentures' first capital raised after its acquisition of AxisTel and investments in e.Volve and i2v2.com. The proceeds will be used for general corporate purposes and as capital for new investments and projects.
SAN FRANCISCO, Calif-- BlindGift.com, the first e-commerce company that empowers the online shopper with the ability to send gifts using just an e-mail address, announced the results of an intensive three-month push to enable members of online communities, other Internet users, and e-commerce merchants to take advantage of the company's innovative service for the holiday gift-giving season. During this time, BlindGift.com: Received a provisional patent on its BlindGift exchange protocol and closed its seed round of funding for $2.5 million.
It has partner agreements with a number of online merchants including pacifictime.com, Shari's Berries (www.berries.com), and GiveChocolate.comwww.blindgift.com
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