RealTime IT News

Onvia.com Closes Another $11 Million in Financing

Onvia.com has closed on $11 million in a round of debt financing led by new investors Comdisco Inc., Dominion Ventures and Meier & Mitchell Inc.

Onvia.com acts as an "online chief operating officer" for business owners by offering access to the services and products entrepreneurs need to run their business.

The company will use the funding as working capital to expand its operations.

Of the $11 million, $7 million was sub-debt financing provided by Comdisco and Meier & Mitchell and $4 million was fixed asset financing provided by Dominion Ventures and Comdisco. Onvia.com had already completed a $12 million venture capital round in February.

"The caliber of our investors continues to place us in the top-tier of Internet start-ups," said Onvia.com CFO Mark Calvert. "Each of them are well-established companies with proven financial success, and a history of working well with venture-backed companies like ourselves. Each company was also committed to participating in a long-term relationship with Onvia.com."

Onvia.com has established supplier relationships with 700 product manufacturers, and 25 wholesale distributors of products. Service partners include: AT&T (T), MCI Worldcom (WCOM), Qwest (QWST), Bayshore Leasing, @backup and EarthLink Network (ELNK). Strategic business alliances include Dow Jones & Company, The Red Herring, Bloomberg, Global Television and Hollinger International.

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