RealTime IT News

idealab! Wins $1 Billion in Financing

EcoNet idealab! Tuesday culled $1 billion in financing from major companies worldwide to aid in its goal to hatch more dot-coms.

idealabs! host of investors include BancBoston Capital, Dell Computer Corp., Hikari Tsushin, Ignition Corp., Investor AB, advised by its affiliate Investor Growth Capital, N.Y., Kline Hawkes & Co., Petersen Properties, Sumitomo Corp., T. Rowe Price Associates Inc.; 24/7 Media; and entities affiliated with Moore Capital Management Inc. contributed to the pot. Also, idealab! founder and chairman Bill Gross invested in this financing round.

Founded in March 1996 by Bill Gross, idealab! generates ideas for new Internet businesses and creates individual companies focused to pursue these ideas. idealab! public companies include eToys (ETYS), GoTo.com (GOTO), Tickets.com (TIXX).

idealab! has backed seven public companies that have a total market capitalization of greater than $10 billion. The incubator recently launched idealab! New York, joining the company's other offices in Pasadena and Silicon Valley.