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Netscape Invests in USA.NET

Electronic messaging provider USA.NET, Inc. today announced it finalized a $23 million round of financing which includes an investment from Netscape Communications Corp.

USA.NET co-developed the underlying architecture for Netscape WebMail, the free e-mail service available via the Netscape Netcenter portal site. The company also owns the NET@DDRESS electronic message service, and produced the AmExMail e-mail service for American Express.

In addition, USA.NET counts the PostOffice.Net commercial e-mail outsourcing solution among its products.

Earlier investors in the company include ABS Ventures, American Express Company, Philadelphia Ventures and Atlanta-based Premiere Technologies, Inc. BT Alex. Brown acted as placement agent for this round.

USA.NET said its revenue streams include online advertising, content distribution and service fees. The company said its subscriber base has grown by more than 50 percent during the past six months.