RealTime IT News

GoldPocket.com Secures $43 Million in Second Round

GoldPocket.com, which says it is the first company to enable millions of people to participate simultaneously in real-time interactive events online, secured $43 million in second-round financing from a group of investors led by RRE Ventures.

Other participating investors include TH Lee.Putnam Internet Partners (THLi), WaterView Partners, Allen & Company, and Nexus Group LLC.

The company said it has raised more than $50 million in total capital since January.

GoldPocket.com has developed proprietary technology that enables millions of people to participate in real time events on a single Web site. The company's application was designed and created in partnership with a consortium of technology companies, including LavaStorm, Data Return Corp., Foundry Networks, and Compaq.

The company said it is planning to demonstrate the capacity of its technology with the launch of a major online entertainment event -- "the largest ever on the Web."

"We've developed one of the most significant breakthroughs in Web technology a solution that will dramatically increase the size and level of interactivity of events on the Internet," said Scott Newman, founder and president of GoldPocket.com. "Our investors recognize the potential impact this can have on online entertainment and other types of events"

GoldPocket.com, founded in June of 1999, said it will use the financing for technology and business development and a marketing campaign to build awareness of the company's flagship online entertainment event, which remains a secret.