Internet computer retailer BUYCOMP.com said it has
secured a $40 million investment stake from SOFTBANK Holdings and its affiliates.
The investment, which represents a 9.9 percent ownership interest in BUYCOMP.com, was
completed Sept. 30. In August 1998, SOFTBANK Technology Ventures, an affiliate
of SOFTBANK, provided an initial and separate investment of $20 million
representing a 10.25 percent ownership stake in BUYCOMP.com.
SOFTBANK is also the largest shareholder of Yahoo! and E*Trade.
Based on the combined capital, BUYCOMP.com said it is now valued at $400
million. The Web retailer provides detailed product information and comparisons of more
than 30,000 computer hardware and software products and offers guaranteed low
prices.
“BUYCOMP.com is a natural addition to our Internet portfolio,” said Ron
Fisher, vice chairman of SOFTBANK Holdings. “Its proven business model is
among the most compelling in the Internet industry. With its strong leadership
and aggressive growth plan, BUYCOMP.com has been able to establish itself as a leader in
high-quality, high-service online computer distribution.”
“We have proven that we are the right distribution and advertising partner for
companies that sell their products online, as well as a great resource for
consumers,” said Scott Blum, BUYCOMP.com founder and CEO. “Our relationship with SOFTBANK allows us to expand our business,
based on our proven business model.”
SOFTBANK Holdings is the holding company for all of SOFTBANK Corp.’s
U.S.-based activities. Its major operating companies include Ziff-Davis,
Kingston Technology Co. and UTStarcom.
Separately, SOFTBANK, along with Rho Management and Healthcare Ventures, are
investing $10.9 million in GreenTree Nutrition, an online wellness
center and vitamin retailer. It’s the second round of financing for the
company. To date, GreenTree has raised $14.4 million.
