RealTime IT News

Fogdog Sports Receives More Than $10 Million In New Funding

Fogdog Sports, a San Jose, Calif.-based online sporting goods store operation, has closed on a major new round of funding "in excess of $10 million" from two prominent venture capital firms and its existing investors.

The privately owned e-commerce company did not disclose specific figures. However, Chief Executive Officer Tim Harrington attributed the succesful funding round to "exceptionally high" investor interest in the sporting goods category.

Venrock Associates, the venture funding arm of the Rockefeller family, and Vertex Management, the venture capital arm of the Singapore Technologies Group, are the lead firms backing Fogdog Sports in this round, Harrington said.

Draper Fisher Jurvetson, J. H. Whitney & Co., and Novus Venture Partners, the original investors behind the company's debut last year as SportSite.com, are also continuing their partnership with Fogdog Sports.

Harrington said Fogdog will use the funds to expand merchandising, distribution and customer service operations, to support marketing and other brand-building efforts and to grow international business. Since its launch last year, Fogdog says it has become the dominant e-tailer in the $150 billion global sporting goods market.

Venrock Associates recent activities have focused on companies in information technology with investments in Intel, Apple, Stratacom, Spyglass, CheckPoint Software, Visual Networks, and DoubleClick, as well as in health care.

"Fogdog represents an all-category, total sports equipment, Internet e- commerce company," said Venrock general partner Ray Rothrock. "Venrock is really pleased to be a part of this team."

Vertex Management is a global venture capital firm with over $400 million under management by offices in Singapore, the United States, Taiwan and Israel. Vertex is a member of the Singapore Technologies Group, a multi-billion conglomerate of more than 100 public and private companies. Singapore Technologies has diverse interests in engineering, finance, infrastructure, property and technology.

Vertex has invested in such companies as Premisys Communications Inc., Creative Technology Ltd., Lattice Semiconductor, SCM Microsystems, Versant Object Technology, and Worldtalk Corp..

Online shoppers at Fogdog Sports can shop by brand, product category or keyword search and select from more than 250 brands marketing some 15,000 products.