VC Buzz - $82.8+ Million in Today's Deals
Page 1 of 1
For the latest on cool Internet Start-Ups and their VC backers, point your browser to: http://www.internetVCwatch.com/
New in the NewsActiveUSA.com, AllBusiness.com, CarrierPoint, Cybergold, eWanted.com, fourthchannel, GlobalSpec.com, Goal Media Group, Interactive Music, Keylime Software, LavaStorm, LeagueLink, LIDO.com, Mondera.com, NetCommerce, NeuVis, OnHealth Network, Pacfusion.com, Piedmont Venture Partners, PurchasingCenter.com, Safeguard Scientifics, Space.com, Step 9 Software, SuccessFactors.com, Venturehouse Group, XSAg.com
TROY, N.Y.-- GlobalSpec.com, an Internet resource for engineers and other technical buyers, announced a $20 million financing plan with Warburg, Pincus Equity Partners LP, an investment fund managed by E.M. Warburg, Pincus & Co. of New York. The investment, which will be staged based upon certain undisclosed conditions, will finance GlobalSpec.com's ongoing expansion of product offerings, advance its customer acquisition program and expedite its recruitment schedule.http://www.GlobalSpec.com
RESEARCH TRIANGLE PARK, N.C.-- XS Inc., parent company of XSAg.com, an e-commerce exchange site for trading agricultural products, has entered into definitive agreements with Morgan Stanley Dean Witter Private Equity for a $20 million round of financing to fund the rapid expansion of the company. Launched in January, XSAg.com is expected to process $100 million in transactions next year.http://www.xsinc.com
LA JOLLA, Calif. -- RaceGate.com and ActiveUSA.com, who recently announced plans to merge to create an Internet recreational sports community, announced terms of an investment and distribution relationship with Ticketmaster Online-CitySearch (Nasdaq:TMCS). TMCS is paying $15.5 million for a 19 percent stake in the combined company ActiveUSA.com and will gain a seat on its new board of directors. The new ActiveUSA.com will gain TMCS as a distribution channel for its licensed content through the citysearch.com local portal network of city guides. http://www.racegate.com http://www.activeusa.com
SEATTLE -- OnHealth Network Co. (Nasdaq: ONHN), an online health and wellness destination for consumers, completed the sale of 2,100,000 shares of common stock at a price of $7.00 per share for net proceeds of $14,675,000. The shares were placed directly by the company with Van Wagoner Funds, an existing shareholder.http://www.onhealth.com
FRANKFURT, Germany-- NetCommerce Inc. (OTCBB:NEET) has entered into a definitive financing agreement with Quantum Securities to effect a private placement of up to $5 million of its securities on the European markets. The agreement with Quantum Securities follows last month's listing of NetCommerce stock on the Frankfurt Stock Exchange. http://www.netcommerceinc.com http://www.quantum-securities.com
BURLINGTON, Mass. -- PurchasingCenter.com, a business-to-business portal focusing on the $187 billion industrial supplies market, secured an additional $3 million of financing from Comdisco Ventures, a division of Comdisco Inc. PurchasingCenter.com successfully launched its e-commerce site last month with $5 million raised from Bessemer Ventures Partners and Charles River.http://www.purchasingcenter.com
WESTMINSTER, Colo. -- LeagueLink Inc., which has built an Internet technology platform for recreational sports leagues, secured $2.6 million in venture financing. New World Ventures, which led the round, was joined by KB Partners and previous investor Perfect World Technologies.http://www.leaguelink.com
SAN DIEGO-- Keylime Software Inc., an emerging provider of e-business analysis services, announced an investment of $2 million from HNC Software Inc. (Nasdaq:HNCS), a provider of predictive customer relationship management solutions. Keylime has developed a unique, real-time e-business analysis service, slated to launch in the first quarter of 2000. The two companies are also collaborating on a new generation of services that allow Web site providers to deliver immediate, personalized content to their e-visitors, leveraging Keylime's live session data feed. http://www.keylimesoftware.com http://www.hnc.com
MONTREAL-- Martlet Venture Management Ltd. (ASE:MVM) made a strategic investment in Goal Media Group Inc. Goal Media Group owns and operates www.goalnetwork.com, an online network for soccer fans, offering match results, news, exclusive stories and feature coverage from a worldwide network of top international soccer journalists. The site will also feature the world's largest online soccer store, online auctions of soccer memorabilia and community services, including message boards, chat and free home pages and e-mail accounts.
In other news, Keir Radnedge was named as executive editor. He joins Goal Media Group from Britain's The Daily Mail, where he is deputy chief sub-editor (sport) and international football correspondent. He also serves as executive editor of World Soccer, the leading English-language monthly soccer magazine with worldwide distribution, and has reported on every World Cup since 1966.http://www.martlet.com http://www.goalnetwork.com
FALLS CHURCH, Va. -- Step 9 Software Corp. announced the completion of its first major funding round. Step 9 is a developer of web-enabled pre-integrated Operation Support System software solutions for next generation telecommunication service providers. The financing was led by Rowny Capital, with participation by The eMedia Club. Rowny Capital is a private equity company founded by Michael Rowny, who has extensive private equity experience and a broad telecom background with MCI. With MCI WorldCom, he was President and CEO of International Ventures, Alliances, and Correspondent. He was also chairman of Embratel, Brazil's major long distance and internet carrier.http://www.step9.com
Internet Fact of the Day
Businesses lost $1.6 billion on-line last year by failing to Web-enable their customer service operations. According to a new research report by global market analysis firm Datamonitor, this amount could double to $3.2 billion by this Christmas.
SINGAPORE-- Internet service provider Pacific Internet (NASDAQ:PCNTF) formed Pacfusion.com, a new business division that will focus exclusively on e-business. The ISP aims to spin off Pacfusion.com into the region's dominant e-business enterprise in the next 18-24 months. In October 1999 Pacific Internet's board of directors authorized US$54 million for Pacfusion.com. Pacific Internet plans to also inject infrastructure, applications development and all of its portal business including its homepage into Pacfusion.com. It is looking to strategic partners and venture capital funds to contribute an additional US$100 million.
WASHINGTON-- A new company based in the greater Washington, D.C. entrepreneurial community that will create, invest in and help build technology start-ups was announced. The company, Venturehouse Group, will be headed by Mark Ein, formerly of The Carlyle Group, and includes an initial group of investors including local technology entrepreneurs Jeong Kim, Alex Mandl and Raj Singh. The firm will have an initial investment pool of at least $50 million. Ein said the new company would not only provide early stage financing to young private companies, but also would serve as business partners, offering strategic guidance, infrastructure support and facilitate other professional services including legal, accounting, recruiting and marketing.http://www.venturehousegroup.com
ATLANTA-- LIDO.com, a business unit of adam.com, Inc. (Nasdaq:ADAM), and an Internet-based provider of content and tools for medically-related legal matters, together with FindLaw, Inc., a Web portal devoted to law and government, launched the Medical Images Center (http://medpics.findlaw.com), a comprehensive resource of medical images for legal professionals. The LIDO.com-powered Medical Images Center offers FindLaw users access to medically accurate illustrations, graphics and support tools for case preparation. FindLaw users have free access to search and preview over 10,000 medical illustrations and trial exhibits from the LIDO.com database. FindLaw is backed by @Ventures, Amicus Investments, Angel Investors LP, Arba Seed Investment Group and Glasser Legal Works. http://www.findlaw.com http://www.lido.com
SHELTON, Conn.-- Formally announcing its presence in the e-business solutions marketplace, eComAgents, a leader in architected e-commerce development, changed its name to NeuVis Inc. NeuVis provides fully integrated, vertically focused, e-business systems and solutions for buyers, sellers and marketplace/exchanges. The company closed two rounds of funding in the third quarter of this year, including investments from Connecticut Innovations and Seligman Funds.http://www.neuvis.com
NEW YORK-- Interactive Music Inc. (OTCBB:SONG) announced that the company has entered into a Letter of Intent to acquire 88% of the issued and outstanding shares of zebramart.com Inc. The parties are to have executed a definitive stock purchase agreement by Nov. 24, 1999 with an anticipated closing of Dec. 3, 1999. zebramart.com aims to be an exclusive lifestyle e-tailer with a members only format. The grand opening is Dec. 1, 1999 http://www.zebramart.com http://www.Netmusicschool.com
OAKLAND, Calif.-- Cybergold Inc. (Nasdaq:CGLD) has acquired the assets of SmartFrog.com Inc., a privately held Internet company specializing in cash-back rewards for "frequent-buyers." SmartFrog.com is Cybergold's first business acquisition, following less than two months after Cybergold's initial public offering. Financial terms of the deal were not disclosed. SmartFrog.com brings Cybergold the technology and expertise behind its cash back program at more than 100 online shopping sites including jcrew.com, CDNOW, and borders.com. SmartFrog. raised seed money from Benjamin Cohen, founder and former chief executive of Logic Works.
SAN FRANCISCO-- SuccessFactors.com, a provider of web-based solutions that help Fortune 1000 companies optimize their workforce capabilities, and Austin-Hayne, a provider of performance management software, announced their intent to merge. Under terms of the agreement the companies intend to combine to form one company, which will be headquartered in San Mateo, and will retain the SuccessFactors.com name. The board of directors and investors of both privately owned companies have approved the merger. SuccessFactors.com is backed by Foundation Capital, Institutional Venture Partners and Canaan Partners. Accel Partners and Greylock Management Corp back Austin-Hayne.http://www.austin-hayne.com http://www.successfactors.com
ATLANTA -- EGL Holdings of Atlanta and Piedmont Venture Partners of Charlotte announce a formal alliance between the firms, creating a comprehensive array of private equity and investment banking services in the Southeast. The joint venture will allow the firms to capitalize on both early and later stage investment opportunities as well as to offer true merchant banking capabilities to their clients and portfolio companies.
Who's Who & Where
COLUMBUS, Ohio--fourthchannel inc., a rapidly-growing Internet commerce application software and service provider appointed Mike Brannan to the position of vice president of engineering. Before joining fourthchannel, Brannan was a principal at the Columbus, Ohio, Whittman-Hart branch office where he managed the company's Internet consulting division. fourthchannel, founded in 1997, is a privately-held, venture capital backed company.http://www.fourthchannel.com
SANTA CLARA, Calif.-- eWanted.com, an "upside down" auction site, named Jack F. Lynch as the company's chief operating officer. Lynch, who will also serve on the company's board of directors, joins eWanted from Austin-based Vignette Corp., where he served as the vice president of finance and operations and secretary. eWanted.com is backed by private investors.http://www.ewanted.com
NEW YORK--Space.com chairman and CEO Lou Dobbs announced the appointment of John Ferrara, Robert Zeller, Mark Cutsforth and Toni DiMartino to Space.com's management team. Ferrara has been named chief financial officer, Zeller joins as vice president of business affairs and general counsel, Cutsforth comes on board as vice president of technology and DiMartino has been selected as director of public relations. Venrock Associates and Greylock have provided equity backing.http://www.space.com
SAN FRANCISCO -- AllBusiness.com, a virtual partner for small and growing businesses, appointed Scott Waltz as chief marketing officer. Waltz brings more than 13 years of branding and relationship marketing experience to AllBusiness.com. Previously, he worked under the same title for San Francisco based relationship marketing firm, Miller/Huber Relationship Marketing. AllBusiness.com is financed by Canaan Partners, Intel Corp., Technology Crossover Ventures, Venture Strategy Group and other venture and corporate investors.http://www.allbusiness.com
ATLANTA -- CarrierPoint Inc. announced the appointment of Doug Martin as the company's chief financial officer. Prior to joining CarrierPoint, Martin served as executive vice president and chief financial officer of The Prudential Bank, the retail banking operation of The Prudential Insurance of America. CarrierPoint recently closed itsfirst round funding. http://www.carrierpoint.com
NEW YORK -- Mondera.com, a luxury e-tailer offering superior quality diamonds, fine jewelry and luxury items sourced from around the world, announced the appointment of three senior level executives, Jill Vollmer, vice president of brand marketing; Leonard Gilbert, vice president interactive marketing; and Marla Nitke, director of marketing communications.http://www.mondera.com
WAYNE, Pa.-- Safeguard Scientifics Inc. (NYSE:SFE), an operating holding company focused on Internet business-to-business companies, announced the appointment of Dan McKinney as vice president. He will be responsible for evaluating, acquiring, and developing partner companies for the e-commerce arm of Safeguard's Internet-centric strategy. http://www.safeguard.com
Boston, MA LavaStorm announced that it has expanded its operations by opening a West Coast headquarters in San Jose, CA. The office will be located at 2033 Gateway Place, Suite 500. Hummer Winblad Venture Partnersrecently invested $10 million in the company. http://www.lavastorm.com
Do you think YOUR cool company ought to be featured in a VC Watch column?
Then go here ...http://www.flashbase.com/forms/VCWatch
... and tell us all about yourself.
VC Buzz, that is.
The latest buzz on the daily deals coming down in the femtosecond pace of the Venture Capital world
VC Buzz brings you the latest on who's gotten their funding and from whom, what's happening at the VCs and who's just swallowed whom in the maniacally fast, deadly serious Darwinian scramble for Internet success and dominance.
Don't get trampled by the herd ... stay ahead with VC Buzz, delivered every business day to your e-mail box.
Check it outonline or SIGN UP get it delivered FREE every day to your e-mail. When you sign up, scroll down to the "Internet Stocks Channel" subhead and check the VC Buzz box.