RealTime IT News

HardwareStreet.com Closes $5.5 Million in Private Funding

HardwareStreet.com, an online retailer of more than 100,000 brand-name computer products and accessories for business and consumers, completed a private placement for $5.5 million in convertible debentures.

The company said it will use the funds to execute a comprehensive strategic business plan and to prepare for an IPO later this year. BlueStone Capital Investment acted as the placement agent.

"This funding validates our Internet retailing strategy, and provides a foundation for ongoing growth," said Joe Popolo, president and CEO of HardwareStreet.com Inc.

The company, which recently launched an Affinity Partners program, said it plans a more comprehensive range of direct marketing, strategic partnership and advertising programs and is introducing site enhancements to improve the customer shopping experience.

Since opening its first online store in September 1997, the company said it has generated more than $20 million in revenue and has grown its customer base to more than 50,000 buyers.

HardwareStreet.com Inc. also operates softwarestreet.com and downloaddrive.com.