RealTime IT News

Czech Internet Start-Up Receives $6 Million from Advent Fund

After only 6 months of its existence, the international Internet company based in Prague, Czech Republic, received US $6 million in investment capital from the Advent International investment fund. was established in December 1999 as the city-search Web site for Central and Eastern Europe. Based in Prague, Czech Republic, it currently covers eight major cities in the region, namely Bratislava, Slovakia; Budapest, Hungary; Vienna, Austria; Ljubljana, Slovenia; Berlin, Germany; Warszawa and Krakow, Poland. Expansion into 15 additional cities has been announced. offers coverage of sights and events, contains travel and accommodation information, and reviews of clubs, restaurants and cafis. In addition, offers services such as booking tickets, car rentals, purchasing gifts, flowers, etc.

The founder of, Mr. Scott Rodgers, an American living in Prague, has been running popular cafi and bookstore The Globe for years, It's a famous meeting point of English speaking people living in or visiting Prague. He transformed The Globe into a dot-com very quickly and efficiently: just 6 months after starting the company, he managed to receive one of the largest portions of investment capital into any Internet start-up in the region.

Advent International is one of the world's largest private equity investment firms, with more than US $3.5 billion under management and offices and advisors in 15 countries. In Central and Eastern Europe, it has invested more than US $350 million into various market segments. Among its investments in the region, the most important are Euronet Services, Hungarian networking company; @Entertainment, the largest Polish cable TV operator; Synergon, Hungarian systems integrator; Elender, the largest Hungarian ISP; PSG, one of the largest ISPs in Slovakia.

For its investment into, Advent acquired 25% stake in the company. For the further valuation, plans to expand into more cities and countries. The advanced technology of GSM and WAP is also of interest to Globopolis. A WAP-based information site that can be reached from mobile phones is currently in the works for Prague and Bratislava, as well as other cities.