VC Buzz - $37.8 Million in Today's Deals
Page 1 of 1
BETHESDA, Md. -- Startec Global Communications Corp. (Nasdaq:STGC), a facilities-based provider of communications services targeting ethnic communities worldwide, completed a private placement of 1.875 million shares of its common stock at $16.50 per share for approximately $30.9 million in gross proceeds. The proceeds from the offering will be used primarily to fund Startec's Internet initiatives, including the expansion of its VOIP network facilities, the acquisition and development of additional ethnic-specific content and features for eStart, its on-line ethnic virtual community brand, and the expansion and enhancement of its Internet services. http://www.startec.com
ATLANTA-- Technology Builders Inc., an Atlanta-based software and services company, announced the closing on a third round of financing totaling $6.1 million. Stonehenge Partners Inc., a Columbus, Ohio-based private-equity firm, led the round of financing with an investment of $4.5 million. David Schwickerath, senior vice president of TBI, also participated in this round. The remainder of the financing came from TBI's current strategic partners, which include Cordova Ventures, River Cities Capital, and David Wetmore of Updata Capital Inc. Gary A. Peat, director of Stonehenge Partners, and David Schwickerath, senior vice president of TBI, will become members of TBI's board of directors.http://www.tbi.com http://www.cordovaventures.com http://www.rccf.com
ATLANTA-- RememberIt.com, a personal information management and online reminder service, received $1.7 million in private equity financing to support the launch of its Web site in January 2000. RememberIt.com is a free service that offers easy-to-use online tools and personalized tips and information. The company's business model offers strategic partners and other Web sites the ability to license its email reminder technology, content and site functions to reach and keep new and existing visitors. The company received this initial financial support from a group of private investors and will continue to explore additional equity from Internet venture capital firms.http://www.rememberit.com
ANDOVER, Mass., and SAUSALITO, Calif.-- CMGI Inc. (Nasdaq:CMGI), a network of Internet companies, entered into an agreement to acquire Equilibrium, a provider of automation solutions for Internet media development. The parties expect to close the transaction in January 2000. Following the closing, Equilibrium would become a majority-owned operating company in the CMGI network. Terms of the transaction were not disclosed. http://www.equilibrium.com
SAN DIEGO -- MP3.com Inc. (Nasdaq:MPPP), a music service provider, signed a definitive agreement to acquire privately held seeUthere.com, a comprehensive online event-planning web site, in an all-stock transaction. The transaction, which will be accounted for on a pooling-of-interests basis, is expected to close in the first quarter of 2000. seeUthere.com was recently profiled in VC Watch. SeeUthere.com is owned and operated by TransComputing International Corp., a privately held, venture-backed company which entered into the definitive agreement with MP3.com. Draper Fisher Jurvetson, AsiaTech Ventures, and Acer Technology Ventures were investors in the company's first round of financing. http://www.seeuthere.com http://www.mp3.com
SAN FRANCISCO -- Venture Factory Inc. announced that it would acquire FinancialDNA Inc. in a move to create a new e-Finance information aggregation service. Venture Factory, an Internet venture management and technology laboratory, will leverage FinancialDNA's open and neutral publishing platform to bring a new generation of information services to the financial community. As part of this agreement, Venture Factory will take a controlling interest in FinancialDNA in exchange for a minority stake in Venture Factory Inc.http://www.venturefactory.com http://www.financialdna.com
NEW YORK -- Digital Launch Inc. (OTCBB: LNCD), announced that agreement has been reached to acquire Global e Tutor.com Inc., an Atlanta-based Internet company specializing in children's education. Global e Tutor.com is a web-based interactive video-on-demand tutoring service offering math, English, science and history tutoring to K-12 students worldwide. Digital Launch Inc. says it will sell its Veronique skin care business for the assumption of the liabilities in order to develop the company's e-commerce business. The transaction to acquire Global will follow a planned 1 for 2 reverse split of the Digital Launch Inc. common stock. The current officers and directors of Digital Launch Inc. will resign following the appointment of new officers and directors.. The closing of these transactions is scheduled for early February 2000.http://www.globaletutor.com
Happy New Year! VC Buzz will return on Tuesday, January 4, 2000.
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.