RealTime IT News

Onvia.com Closes on Additional $25 Million in Financing

Onvia.com, a destination site for entrepreneurs, closed on $25 million in a Preferred Series B financing led by GE Equity.

Venture capital firms Internet Capital Group and Mohr Davidow also contributed, both of whom were part of Onvia.com's previous financing rounds. This round brings Onvia.com's financing for 1999 to $48 million.

The company completed a $12 million venture capital round in February, and a secondary debt round of $11 million in September.

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

The company said it will use the financing as working capital and to extend its advertising campaign nationally, continue the development of small business-focused news and content and add benefits to the membership program.

"Onvia.com's high caliber executive team and proven growth-oriented business plan attracted us," said Steve Smith, managing director at GE Equity. "There's clearly a great deal of competition in this space, but we believe that Onvia.com is a market leader."

The company has established supplier relationships with 700 product manufacturers, and 25 wholesale distributors of products.