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For the latest on cool Internet Start-Ups and their VC backers, point your browser to:http://www.internetVCwatch.com/
New in the News
Epicentric, HomeSpace, Internet Capital Group, Invisible Worlds, iVendor, NextMonet.com, SiteSmith, Staples.com
REDWOOD CITY, Calif.– iVendor Inc., a leader in the online retail services marketplace, completed a second major round of venture financing worth approximately $12 million. New participants include Patricof & Co. Ventures, Inc., SAP Ventures, a division of SAP AG, and Compass Technology Partners. Existing investors from previous funding rounds also participated, including Labrador Ventures, and Jacaranda Partners. This brings the total company funding since its founding in 1998 to approximately $20 million.
SANTA CLARA, Calif.– SiteSmith Inc. has secured $3.6 million in seed funding from ComVentures and Bedrock Capital. SiteSmith, which officially opened for business on October 18, 1999, is a professional services company focused on helping e-businesses manage their large complex Internet sites and services on an outsourced basis.
SAN FRANCISCO– EnviroMedia of Cincinnati, an innovative Web-development firm, has been acquired by Invisible Worlds, a San Francisco-based company that is changing the way people find and use information on the Web. Carl Malamud, chairman and CEO of Invisible Worlds, named EnviroMedia principals Rebecca and Larry Pranger, creative and production director, respectively. Invisible Worlds is funded by Softbank, El Dorado Ventures and private investors.
WAYNE, Pa.– Internet Capital Group (Nasdaq:ICGE), a business-to-business e-commerce company, has acquired Purchasing Solutions Inc., an e-commerce purchasing service that helps companies reduce total procurement costs. In addition, Internet Capital will provide the operational, technical and strategic support necessary to help Philadelphia-based PSI become the leading provider of web-based procurement solutions. Internet Capital’s funding totals $12 million.
FRAMINGHAM, Mass.– Staples Inc. (NASDAQ:SPLS) has partnered with General Atlantic Partners LLC, Highland Capital Partners, Greylock Management Corp., Essex Investment Management and Summit Accelerator Partners, which have acquired Staples.com stock representing an approximately five percent interest in the Staples.com business. The private placement was facilitated by online investment banking firm, Wit Capital Corp.
Who’s Who & Where
Andrew Roberts Named Senior VP of Internet Programming for HomeSpace
ENGLEWOOD, Colo.– Andrew Roberts has been named senior vice president of Internet programming for HomeSpace Inc., an online provider of mortgage, real estate and home services. Prior to joining HomeSpace, Roberts was executive producer, group manager of web production for E*Trade. Major investors in HomeSpace include Global Retail Partners; T. Rowe Price Private Equity; Oak Investment Partners; Robert Zangrillo, former chairman, CEO and co-founder of Interworld; Pequot Capital Management Inc.; and Moore Capital Management Inc.
SAN FRANCISCO — Epicentric Inc., a provider of portal solutions, has appointed Michael K. Crosno as president and CEO. He succeeds company founder Ed Anuff who retains the role as Epicentric’s chairman of the board and steps into a new role as executive vice president of products and services. The company recently completed its $8 million second round of funding, led by Reuters, the global news and information group.
SAN FRANCISCO — NextMonet.com, a premier source for buying original contemporary art online, announced the appointment of Kevin Shahan as its chief financial officer. He joins NextMonet.com from Coach (a division of Sara Lee), where he served as vice president and CFO of the retail division. The company is privately held with backing from @ventures, a CMGI affiliate (Nasdaq:CMGI).
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