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.