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Press Releases
Livemocha Secures $6 Million in Venture Capital Series A Funding Led by Maveron
January 15, 2008
Press Release provided by PR Newswire
Funding to Accelerate Popular Language Learning Site's Functionality and Growth
[8-January-2008]
SEATTLE, Jan. 15 /PRNewswire/ -- Livemocha, a next generation language learning company, today announced it has secured $6 million in funding led by Maveron LLC. Livemocha plans to use the funding to accelerate the site's functionality, global appeal and growth. Livemocha addresses a $20 billion worldwide market for language learning fueled by rapid globalization, immigration and travel.
"We are thrilled to have Livemocha as part of our portfolio. The company's interactive platform changes the language learning paradigm -- empowering a global community of users to learn a new language in an engaging, mutually reinforcing and low cost way," said Debra Somberg, general partner at Maveron. "With Livemocha's platform already generating buzz around the globe, the site is positioned to become the premier international brand for conversational language learning."
Livemocha is redefining the language learning market by integrating rich dynamic online instructional content with a social network of native language speakers. Livemocha provides instructional content for English, Spanish, Mandarin Chinese, Spanish, French and German. Users of the site can not only learn these popular languages but also build true speaking and writing proficiency with the help of native language speakers within the Livemocha community. Livemocha's platform gives users the type of multicultural language learning experience that was previously possible only by traveling abroad.
Having publicly launched at DEMOfall in September 2007, Livemocha has already demonstrated strong growth in the online education market with over 130,000 community members representing over 200 countries who through their daily interactions are generating over 25 million pageviews a month. The Livemocha site is now available in Mandarin Chinese and Spanish making it more accessible to Chinese and Spanish speaking users all over the world.
"As a local venture capital firm with significant experience in both the online education and consumer markets, we are pleased to have support from Maveron," said Livemocha CEO Shirish Nadkarni. "We look forward to leveraging Maveron's expertise and relationships to seek new partnership opportunities and accelerate our growth."
About Livemocha
Livemocha, a Seattle based start-up is redefining the language learning market through the introduction of a language 2.0 platform that integrates rich dynamic online instructional content with a social network of native language speakers. Unlike CDs and books that often gather dust, Livemocha helps users gain true conversational proficiency and deeper cultural knowledge by allowing them to tap into the native language expertise of Livemocha's global network of language learners.
About Maveron
Headquartered in Seattle, Washington, Maveron LLC is a leading consumer-focused venture capital firm. Founded in 1998 by Howard Schultz and Dan Levitan, Maveron's mission is to partner with entrepreneurs in the creation of extraordinary companies across the Consumer Continuum(TM) in order to generate outstanding financial returns. Representative Maveron investments include fast-growing classic consumer companies such as Potbelly Sandwich Works and Eos Airlines, businesses that use technology to deliver goods and services directly to consumers such as eBay and Capella University, and companies like Allconnect and Video Egg, which supply technology and services to consumer-facing businesses. For more information about Maveron, visit http://www.maveron.com.
Media Contact:
Melissa Smolensky
Porter Novelli
512-423-3382 (cell)
melissa.smolensky@porternovelli.com
SOURCE Livemocha
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PageOnce Secures $1.5 Million in Funding
January 08, 2008
[08-January-2008]
Press Release provided by PR Newswire
Former Ariba & Commerce One Rivals Bobby Lent and Liron Petrushka Join Forces on PageOnce Board of Directors
PALO ALTO, Calif., Jan. 8 /PRNewswire/ -- PageOnce (http://www.pageonce.com), the first Personal Internet Assistant, announced today the close of $1.5 million in funding led by successful Silicon Valley entrepreneurs Liron Petrushka and Bobby Lent. Petrushka is a serial entrepreneur who founded Commercebid.com, which was acquired by Commerce One. Currently the Managing Partner of Hillsven LLC, Lent was the co-founder of Ariba, the recognized leader in Enterprise Spend Management. PageOnce also announced that Petrushka and Lent have joined the company's Board of Directors.
"PageOnce has assembled a uniquely strong team with the vision and experience necessary to deliver a very compelling Web application that will change the way consumers and marketers use the Internet," said Lent, managing partner, Hillsven LLC.
"We are delighted to have industry veterans such as Lent and Petrushka help us build the first Personal Internet Assistant," said Guy Goldstein, CEO and co-founder of PageOnce. "We are using the capital to build a new type of consumer Web application that will solve some of the biggest pains users and marketers have today."
PageOnce, currently in private beta, offers consumers a new way to manage their Internet experience and marketers a new way to become a part of the daily lives of their customers. Using its patent-pending technology, PageOnce brings consumers and marketers together.
"Savvy marketers will recognize the unprecedented opportunity PageOnce presents their brands to become part of their customers' daily life," added Petrushka.
The PageOnce management team, which has nearly 50 years combined experience in the technology sector, includes Co-Founder and CEO Guy Goldstein who will spearhead all aspects of technology, product development, management and strategy; Co-Founder Chief Operating Officer Ahikam Kaufman; and Vice President Research and Development Nissim Tapiro. Strategic Advisors include Christopher Lochhead, a former CMO of three public technology companies.
"Yesterday's solutions have become today's problems," said PageOnce COO, and Co-Founder, Ahikam Kaufman. "We have so much information, in so many Web sites, and they all require attention. It's a pain. This is what inspired us to create a Web site that will make the Internet experience more effective and more personal."
Slated to launch in early 2008, PageOnce maintains its headquarters in Palo Alto, Calif. and R&D in Israel. The company has recently been chosen to participate in this year's Israel Web Tour (http://www.israelwebtour.com) organized by the California Israel Chamber of Commerce.
SOURCE PageOnce
5min Receives $5 Million in Series A Financing from Spark Capital
January 03, 2008
[3-January-2008]
Press Release provided by PR Newswire
Leading Instructional Video Startup Develops Specialized Technology for Online Video Communities
BOSTON and TEL-AVIV, Israel, Jan. 3 /PRNewswire/ -- 5min (http://www.5min.com), the "how-to" video website, today announced it has received $5 million in Series A financing from Spark Capital. 5min is the leading online instructional video site on the Internet, allowing people to share their expertise in various categories as well as find short video solutions for every practical question.
"5min has taken the clear lead in the instructional video market. The company's combination of traffic, content and technology is impressive for a company of its age," said Alex Finkelstein, principal at Spark Capital. "We believe how-to video content will garner the highest online video CPMs, because someone watching a how-to is a super-defined niche demographic and someone viewing a how-to is typically in a purchasing mindset."
The 5min video structure, led by its Smart Player, was created specifically for instructional content, enabling users to play videos in slow motion or frame by frame, and to add a storyboard to leverage any visual illustration of any solution. The inline player supports zoom in and zoom out options for an up-close and detailed viewing experience, as well as subtitles in different languages.
5min has 10,000s of videos, 1000s of experts and a growing passionate DIY community. The company aggregates videos from sources ranging from user generated content to professionally produced videos. Currently based in Tel- Aviv, Israel, 5min will relocate its headquarters to New York, NY in January 2008.
"We're excited to work with Spark and further enhance 5min's leading position in the online instructional video space," said Ran Harnevo, CEO of 5min. "Spark has the expertise, domain knowledge and connections that will help make 5min the how-to reference destination for consumers worldwide."
About Spark Capital
Spark Capital is a venture capital firm focused on building businesses that transform the distribution, management and monetization of media and content. Spark's General Partners are successful natives of the media and technology industries and have proven track records identifying and actively building market-leading companies in sectors including infrastructure (Qtera, RiverDelta, Aether Systems, Broadbus and BigBand), networks (College Sports Television, TVONE and XCOM) and services (Akamai and the Platform). With a deep network that spans technology and media, investing and operations, Spark Capital provides world-class entrepreneurs and revolutionary companies with the resources to succeed in today's marketplace. Spark Capital has $622 million under management, and is based in Boston, Mass. To learn more, visit http://www.sparkcapital.com.
SOURCE Spark Capital
Highland Capital Partners Announces Two New General Partners
December 19, 2007
[07-December-2007]
Press Release provided by PR Newswire
Highland Capital Partners Announces Two New General Partners
LEXINGTON, Mass. and MENLO PARK, Calif., Dec. 7 /PRNewswire/ -- Highland Capital Partners, a leading venture capital firm focused on helping great people build great companies, today announced that Peter Bell and Richard de Silva have been promoted to the position of General Partner.
"We're committed to delivering exceptional value to Highland-backed companies that are driving innovation and creating the next generation of market leaders," stated Dan Nova, Managing General Partner with Highland. "Peter and Richard represent the next generation of leadership as we continue to build our partnership to better serve the best entrepreneurs worldwide."
"Both Peter and Richard bring deep industry knowledge and an active, hands-on approach to working with founders and management teams," added Bob Davis, Managing General Partner with Highland. "They have consistently brought value to their portfolio companies and their promotions reflect these accomplishments."
Peter Bell joined Highland in 2006 as a Venture Partner and specializes in technology investments across all stages of company growth. As an industry veteran, Bell has worked with and invested in companies in the information security, e-commerce, data center infrastructure, enterprise software and communications industries. Bell serves on the boards of Desktone, ExaGrid Systems and Ocarina Networks.
"Peter represents the type of experienced and active investor that is essential for assisting breakthrough companies establish market leadership," said Murli Thirumale, co-founder and CEO of Ocarina Networks, a San Jose-based provider of application-aware storage optimization solutions. "With his deep industry background and extensive network, he is a trusted advisor and true partner."
Based in Highland's Menlo Park office, Richard de Silva is focused on digital media investments with specific experience and interest in online advertising, online media properties, and consumer media technologies and infrastructure. He invests in early and later stage opportunities, including growth equity, venture buyouts, spin-outs and recapitalizations. De Silva serves on the boards of Metacafe, NameMedia and US Search, and is or has been actively involved in Highland's investments in Fastclick (IPO; sold to ValueClick), Quigo and Turbine.
"Richard's early involvement and ongoing support at Quigo was instrumental in getting our business to where it is today," stated Mike Yavonditte, CEO of Quigo. "Richard brings a level of domain expertise and guidance that has proven invaluable for companies at all stages of growth."
More About Peter Bell
Prior to joining Highland Capital Partners, Bell was Managing Director and founder of Stowe Capital, LLC, which specialized in providing capital and management expertise to emerging growth companies. Prior to establishing Stowe Capital in 2002, Bell was the co-founder, Chairman and Chief Executive Officer of StorageNetworks, an information storage software and services company. Under his leadership, Bell took the company from pioneering concept to over $120 million in annual revenue in three years and closed six rounds of equity capital financing, totaling over $700 million, including a successful IPO in June 2000. Bell began his career at EMC Corporation, where he held positions in marketing, operations and sales and played a key role in building and managing the Open Storage Group, a major growth engine for the company.
Bell earned a B.S. in Accounting from Boston College's Carroll School of Management (summa cum laude), an MBA from Harvard Business School and holds an Honorary Doctorate from Babson College. He is on the Board of Trustees of Boston College and also currently serves as a Distinguished Executive in Residence at The Carroll School of Management at Boston College.
More About Richard de Silva
Before joining Highland in 2003, de Silva was co-founder and President of SiteBurst Inc., a channel marketing software company. Prior to SiteBurst, de Silva was part of the team that founded IronPlanet.com, a venture-backed marketplace for used heavy equipment. Previously, de Silva was an Engagement Manager at Mercer Management Consulting, where he led strategic initiatives for clients including IBM, Tribune and Leo Burnett. Earlier in his career, de Silva worked extensively in the cable television industry as a consultant to Scientific Atlanta and as a product manager at the @Home Network. He has also worked at Apax Partners, and as a reporter for Newsweek magazine and the Washington Post.
De Silva earned an A.B. in History from Harvard College (magna cum laude), an M.Phil. in International Relations from Cambridge University and an MBA from Harvard Business School.
About Highland Capital Partners
Highland Capital Partners was founded with the mission of helping great people build great companies. Since its inception in 1988, the firm has taken a sector-focused approach to investing in exceptional communications, consumer, digital media, healthcare and information technology companies. With $3 billion of committed capital and offices in Boston, Silicon Valley, Shanghai and Geneva, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, CheckFree, Conor Medsystems, Continental Cable, Helicos BioSciences, lululemon athletica, Lycos, MapQuest, Ocular Networks, Odyssey Healthcare, Starent Networks, Sybase, Telica and VistaPrint. For more information, visit Highland's web site at www.hcp.com.
SOURCE Highland Capital Partners
Live Gamer Inc(TM) Partners with Funcom GMBH, Sony Online Entertainment, 10TACLE STUDIOS, Acclaim, GoPets LTD, and Ping0 ...
December 17, 2007
[17-December-2007]
Press Release provided by PR Newswire
Live Gamer Inc(TM) Partners with Funcom GMBH, Sony Online Entertainment, 10TACLE STUDIOS, Acclaim, GoPets LTD, and Ping0 Interactive Limited to Launch Publisher-Supported Marketplace for Secure Virtual Trading
$24 Million Investment by Charles River Ventures, Kodiak Venture Partners, and Pequot Ventures
NEW YORK, Dec. 17 /PRNewswire/ -- Live Gamer Inc(TM) (http://www.livegamer.com) today announced its introduction as the premier provider of a publisher-supported, secure platform for real money trading of virtual property. Live Gamer is partnering with top massively multiplayer online game (MMOG) publishers and virtual world operators worldwide, including Funcom GMBH, Sony Online Entertainment, 10TACLE STUDIOS, Acclaim, GoPets LTD, and Ping0 Interactive Limited. The company was founded by industry veterans and backed with $24 million in venture funding from Charles River Ventures, Kodiak Venture Partners, and Pequot Ventures.
Formalizing and Legitimizing the Existing Virtual Economy
Virtual trading today represents an estimated $1.8 billion in real money exchanged annually among MMOG players and virtual world inhabitants who buy and sell rights to use in-game goods, services, and characters(1). To date, such transactions have usually meant braving an unstructured, unsanctioned marketplace in which players lack protection from unethical traders, and do business in violation of the publisher's terms of service. By introducing a fully transparent, secure, publisher-sanctioned marketplace, Live Gamer helps protect content creators from the distorting impact of illicit trading on their intellectual property and provides a safe alternative for consumers around the world who spend millions of hours in-world every month.
"Virtual item trading is already transforming the way people experience MMOGs and virtual worlds, but in its traditional underground context, the impact could be as easily negative as positive for a given player or world. An economy this large clearly needs a legitimate trading infrastructure that serves the needs of each of its millions of participants," said co-founder and president, Andrew Schneider. "Live Gamer has developed a platform with all the integrity, security, and professionalism of any real-world marketplace, and we're working hand-in-hand with publishers to ensure a positive experience for every player."
Ensuring a Positive Game Play Experience
Unsanctioned trading has had an increasingly negative impact on many participants' and bystanders' game-playing experience. Live Gamer provides a toolset for publishers to preserve the integrity of the in-game economy and offer a legitimate alternative to "gold farming," in which players or organizations aggressively gather items of value within a game for solely commercial purposes, often through sweatshops of underpaid workers and/or automated methods that distort the in-world experience for other players. Live Gamer is the first provider to work with publishers to enable real money trading within their Terms of Service and End User License Agreements.
Said Trond A. Aas, CEO of Funcom, "Virtual trading has the potential to open an entirely new dimension for the player experience in some games, but it has also caused endless grief through the actions of gold farmers and fraud artists, as well as the generally poor quality of service to participants. Live Gamer makes it possible for publishers to satisfy players' growing demand for this type of activity in selected future games by providing a legitimate and balanced outlet that protects their experiences. We really look forward to offering this opportunity to players in our upcoming casual MMOG."
Game and Finance Industry Veterans
Live Gamer was co-founded by Mitch Davis and Andrew Schneider. Davis, the company's chairman, revolutionized the video game industry by pioneering in-game advertising with Massive Incorporated, which was subsequently acquired by Microsoft. He is also founder, chairman, and CEO of Brash Entertainment, a video game publisher focused on licensed IP. Schneider, Live Gamer's president, has been a digital entertainment industry leader and catalyst for emerging business opportunities at the cross-roads of entertainment and technology for over 14 years. He has held executive management positions at Sony Pictures Digital, NBC and Wind-up Records. Other company executives are gaming and Wall Street veterans, providing a mix of talent that combines Wall Street's best practices with in-depth knowledge of the gaming community.
On behalf of the board of directors, Mitch Davis said, "Even in illicit form, the virtual trading economy has proven that vast demand exists; now Live Gamer will allow this thriving marketplace to reach its full potential. We're confident in the Live Gamer team and its ability to execute successfully, together with the industry's leading publishers, to create a safe and easy option for real money trading."
About Live Gamer
Live Gamer is the leading provider for publisher-supported virtual item trading. Live Gamer's Wall Street-developed platform is trusted by top publishers worldwide and offers a turnkey solution for MMOG and virtual world operators to provide legitimate real money trading of virtual assets within their titles, facilitating a safe and fair online environment for all participants. Based in New York, NY, the company was founded by industry veterans and backed with $24 million in venture funding from Charles River Ventures, Kodiak Venture Partners, and Pequot Ventures. http://www.livegamer.com
(1) New York Times. June 17, 2007. "The Life of the Chinese Gold Farmer."
Julian Dibbell
SOURCE Live Gamer Inc
Mobile Posse Secures $10 Million in Venture Capital Funding
December 13, 2007
[13-December-2007]
Press Release provided by PR Newswire
Mobile Posse Secures $10 Million in Venture Capital Funding
Second Round Investors Include Softbank Capital, Court Square Ventures and Columbia Capital
MCLEAN, Va., Dec. 13 /PRNewswire/ -- Mobile Posse Inc., a leading mobile content and advertising solution provider, announced today that it has raised $10 million in series B equity financing. New investor Softbank Capital led the round, which also included Court Square Ventures, Columbia Capital, and individual investors.
The new funding will facilitate commercial implementation with additional carriers as well as expand the depth and breadth of Mobile Posse's advertising sales division.
Mobile Posse is a leading mobile advertising solution provider and the first to bring idle screen interactive content delivery to North America. The platform provides the most effective mode of delivery for mobile content and interactive promotions that enable subscribers to receive relevant content at various intervals of their choosing. By delivering a personalized and targeted relationship with consumers, Mobile Posse allows marketers to radically enhance reach, targeting and qualified conversion rates in a convenient, cost- effective manner. The company recently announced its first commercial rollout with a regional US carrier and is currently engaged in many highly successful carrier trials.
"This is an exciting stage in our company's development. We are continuously receiving confirmation from the marketplace that we have created a mobile advertising solution that can deliver results today," said Jon Jackson, Founder and CEO of Mobile Posse. "We are thrilled at this vote of confidence from such top tier investors as we embark on this next stage in the company's growth."
Steve Murray, Partner at Softbank Capital, noted that "Mobile Posse has been able to effectively deliver valuable content and promotions to mobile users in an easy to use fashion. The consumer response, as evidenced by click-through rates, has been remarkably positive as compared with other forms of interactive mediums like the Internet. Ultimately, success in this market will be about the consumers' desire to deeply engage and early returns from Mobile Posse are very encouraging."
"With its seasoned management team, innovative technology and astute understanding of all its audiences including carriers, advertisers and consumers, we believe Mobile Posse has all of the elements needed to succeed in this space. This new funding will allow the company to manage ongoing trials and market the solution to a larger audience," said Chris Holden, General Partner at Court Square Ventures
"Mobile Posse's technology is very appealing for carriers, especially because trials have indicated that offering the idle screen solution not only drives higher ARPU but also increases subscriber loyalty," said Harry Hopper, Partner at Columbia Capital. "We're confident that Mobile Posse's current market traction will continue."
Early stage investors in the company include Jack Davies, Founder of AOL International, who continues to play an active role in the company's strategic direction; Nigel Morris, Co-Founder and former COO of Capital One; and Ted Leonsis, Vice Chairman Emeritus of AOL. Davies said, "We are very pleased with the progress that Mobile Posse has made within the last year. Building on these accomplishments, we look forward to working with our new partners and accelerating growth."
About Mobile Posse
Mobile Posse, Inc. is a privately-held mobile advertising solution provider based in McLean, VA. Using proprietary patents-pending software, Mobile Posse allows marketers to radically enhance reach and conversion rates in a convenient and cost-effective manner while strengthening relationships with the consumer and carriers. Mobile Posse is the first company to rollout and deliver idle screen insertion advertisements in partnership with a U.S. carrier. For more information, please visit www.mobileposse.com.
About SoftBank Capital
SoftBank Capital is an independent venture capital firm focused on high- growth technology-based businesses benefiting from the rapid deployment and adoption of broadband and mobile technologies. With principal offices in Boston and New York, SoftBank Capital brings a unique combination of experience in operations, technology, strategy, corporate finance, new media and international markets to its portfolio investments. For more about SoftBank Capital see www.softbank.com.
About Court Square Ventures
Court Square Ventures is a venture capital firm that invests in early- stage communications, information technology, and media companies, with a particular interest in points of convergence between these industries. The firm's deep understanding of its three target sectors stems from the partners' 60 years of operating and investing experience in these areas. Court Square uses this base of experience to support young companies executing the critical transitions from pre-revenue to first sales and accelerating growth. Court Square seeks to establish close partnership with passionate, committed entrepreneurs and like-minded co-investors. The principals bring a broad national network of target sector contacts to bear in helping portfolio companies source customers, find strategic partners, and recruit key personnel. For more information, visit www.courtsquareventures.com.
About Columbia Capital
Columbia Capital is a venture capital firm specializing in the communications, media and information technology industries. Founded in 1989, Columbia Capital has helped establish more than 100 early stage ventures and currently manages more than $2 billion in capital. Columbia Capital has been an active participant in the wireless communications industry since its formative period nearly 20 years ago. In the wireless communications and media categories specifically, Columbia Capital has been a founding investor in such notable successes as XM Satellite Radio, Nextel Communications, WNP Communications, Advanced Radio Telecom, NeoWorld Communications, and Digital Television Services. Columbia Capital has also helped establish numerous other successful wireless service providers including MetroPCS, Mobile Satellite Ventures, Revol Wireless, Coral Wireless, and WCS Wireless. For more information, visit Columbia Capital at www.colcap.com.
SOURCE Mobile Posse Inc.,
Smilebox Secures $7 Million in Series B Funding Led by Bessemer Venture Partners
December 11, 2007
[11-December-2007]
Press Release provided by PR Newswire
Smilebox Secures $7 Million in Series B Funding Led by Bessemer Venture Partners
REDMOND, Wash., Dec. 11 /PRNewswire/ -- Smilebox, Inc., the leader in multimedia expressions technology, today announced it has raised $7 million in Series B financing. Bessemer Venture Partners led the round and was joined by existing investor Frazier Technology Ventures. Rob Stavis, Managing Partner at Bessemer Venture Partners, will join the Smilebox board of directors. Smilebox will use the new funding to expand internationally, extend its syndication and promotional partnerships and bring Smilebox to new platforms.
"Smilebox has pioneered the multimedia expressions category and established a proven business model. The service combines technology innovation with a strong focus on ease of use," said Rob Stavis at Bessemer Venture Partners. "We look forward to working with Smilebox and its partners to accelerate its growth."
The Series B financing comes at a time when more than 1.8 million users have installed the Smilebox service since its launch in June 2006 and more than 1.3 million unique users worldwide access it monthly. "Smilebox is very pleased to have Bessemer Venture Partners leading this round. Their consumer technology experience, deep industry connections and an impressive track record bring tremendous value to Smilebox," said Andrew Wright, founder and CEO of Smilebox.
"We recognize enormous potential for Smilebox as this round enables them to drive a continued separation in the market," said Paul Bialek, General Partner at Frazier Technology Ventures.
About Bessemer Venture Partners
Bessemer Venture Partners is a global investment group with offices in Silicon Valley, Boston, New York, Mumbai and Shanghai. As the oldest venture capital practice in the United States, Bessemer has partnered as an active, hands-on investor in Ciena, Ingersoll Rand, Parametric, Skype, Staples, VeriSign and W.R. Grace and more than 100 other companies that have gone public. To learn more, visit http://www.bvp.com.
About Smilebox
Smilebox makes it easy for family and friends to connect around special moments in their lives, by sharing their photos, videos and words inside unique digital scrapbooks, slide shows and photo greetings via email, blog or print. The Smilebox catalog features designs from leading providers such as Hallmark, Making Memories, Madison Park Greetings, K&Company, as well as the Smilebox Studio design team. Its distribution partners include Hallmark Cards Inc., Lifetime Entertainment Services, Six Apart, Ltd., Atom Shockwave and Rogers Media Inc. The service can be downloaded free of charge at http://www.smilebox.com. Based in Redmond, Washington, Smilebox was founded in 2005 by Andrew Wright.
Smilebox is a trademark of Smilebox, Inc. All trademarks and brands are the property of their respective owners.
SOURCE Smilebox, Inc.
Lightspeed-Gemini Internet Lab (LGiLab) invests in European student social networking site
December 10, 2007
[10-December-2007]
Press Release provided by PR Newswire
Lightspeed-Gemini Internet Lab (LGiLab) invests in European student social networking site
PARIS, Dec. 10 /PRNewswire/ -- Bahu (http://www.bahu.com), a private social networking site for young students across Europe, announced today the completion of its first round of funding. The round is being led by the Lightspeed-Gemini Internet Lab (LGiLab).
"Bahu's focus is unique compared to other social networking sites," explains Oleg Tscheltzoff, co-founder of Bahu. "In addition to traditional features of keeping in touch or meeting new friends, Bahu focuses on promoting the specific talents of our users, who are mostly high school students. Writers, artists, musicians, models and others who join the site can create a special talents page showcasing their work. Bahu operates in most languages and plans to penetrate still untapped markets like Southern and Eastern Europe - France, Italy, Spain, Portugal, Russia, Germany, Poland, and Baltic countries. Further plans include expansion into South America and Asia.
Bahu has appointed Ouriel Ohayon, General Manager of LGiLab and editor of TechCrunch France, to its board of directors. Ohayon has 11 years of experience in international mass marketing, retail marketing and the Internet industry both in multinational companies and as an entrepreneur.
Bahu aims to create partnerships with organizations across Europe that will promote their users. In France, a competition for musicians on the site will offer a grand prize of professional recording studio time, professional video clips, and live stage appearances at "Fallenfest," one of France's largest music festivals.
"We are thrilled to back Bahu's outstanding team and work with them on realizing their goals for the company," said Ouriel Ohayon. "While other social networking sites also offer users an outlet to showcase their work and talents, Bahu's active involvement with promoting their members will certainly give them a competitive edge and take social networking to the next level."
Originally launched in France in July by two students, Stephane Soler and Fabien Guiraud, and backed by Oleg Tscheltzoff, co-founder and President of Fotolia.com, Bahu has already grown to over 300,000 international members in 4 months, and has expanded to the United Kingdom, Germany, Russia, Poland, Lithuania, Spain, Italy, Portugal and the Netherlands, where the site is experiencing similar growth. In September, Bahu had 2 million unique visitors and 15 million page views in November.
About Bahu:
Bahu is a private social networking site for students from around the world. Created by students for students, the site helps members keep in touch with their friends and life at school and meet new online friends. Through a centralized dashboard, members can promote their talents, and access and share their online clubs, music playlists, photo and video albums and comments. Launched in August 2007, Bahu has registered over 300,000 members. For more information, visit www.bahu.com.
About LGiLab,
The Lightspeed-Gemini Internet Lab, an initiative formed by top-tier venture capital funds Gemini Israel Funds and Lightspeed Venture Partners, is dedicated to seed investment in very early-stage Internet start-ups. LGiLab also supports market validation studies and prototype development for Internet technologies, and opens doors for entrepreneurs to the Silicon Valley Internet community. Ouriel Ohayon, General Manager, leads the initiative in coordination with Danny Cohen and Tali Aben of Gemini, and Yoni Cheifetz, Jake Seid and Ravi Mhatre of Lightspeed. Additional information is available at www.LGiLab.com.
Contact: Julie Wohlberg
610-866-2314
SOURCE Bahu
ARCH Venture Partners Closes $400 Million Seventh Fund
December 10, 2007
[10-December-2007]
Press Release provided by PR Newswire
ARCH Venture Partners Closes $400 Million Seventh Fund
CHICAGO, Dec. 10 /PRNewswire/ -- ARCH Venture Partners announced the closing of its seventh venture fund with $400 million in capital commitments. ARCH Venture Fund VII, L.P. (Fund VII) makes ARCH one of the largest providers of seed capital in the U.S. with approximately $1.5 billion under management. Fund VII attracted investors representing some of the largest U.S., European and Asian interests, including university endowments, corporations, major pension funds, public institutions, and private family foundations.
Fund VII will continue ARCH's focus on seed and early-stage companies commercializing revolutionary technology emanating from universities, national laboratories, corporate research laboratories, and successful entrepreneurs. ARCH is one of few venture firms of its size that concentrates on the creation of new companies based upon scientific research and the resulting technologies. ARCH has earned a reputation as one of the leading venture capital firms investing in breakthroughs in life sciences, physical sciences, and information technology, and in the increasing convergence of such technologies. The firm is well known for identifying and capitalizing on fundamental trends in early stage biotechnology, advanced materials, and specialty semiconductors.
Keith Crandell, Managing Director, said, "Fund VII will target distinctive innovations in advanced materials, including novel developments in semiconductors, photonics, and nanotechnology. The pace of innovation at research institutions continues unabated, and great fundamental advances are being made, particularly in the convergence of multiple disciplines such as biology, nanotech and optoelectronics. We will continue to see new industries develop as research unlocks hidden science."
Fund VII will also continue ARCH's leadership in biotechnology investing. "We have a firm belief that investing in fundamental biotechnology innovations is one of the few areas that wins in cyclical economies." said Robert Nelsen, Managing Director. "We have seen our biotech platform companies do quite well throughout repetitive cycles, contrary to the industry trend toward 'product-only' companies. Our focus is on the most innovative opportunities, from pioneering technology to landmark products to expanding into unconventional markets."
NOTES FOR EDITORS
ARCH Venture Partners, founded in 1986, is a spin-off from an innovative technology commercialization initiative originated by The University of Chicago. Now in its 22nd year, ARCH has approximately $1.5 billion under management across multiple venture funds.
ARCH has invested in more than 120 companies, most of them from the concept stage. A sampling of portfolio successes include early investments in Illumina, Inc. (ILMN), New Era of Networks, Inc., Aviron, Inc., Xtera Communications, Inc., Ahura Scientific, Inc., Nanophase Technologies Corp. (NANX), Caliper Life Sciences, Inc. (CALP), deCODE Genetics, Inc. (DCGN), XenoPort, Inc. (XNPT), and Alnylam Pharmaceuticals, Inc. (ALNY). Further notable companies in the portfolio include Ikaria Holdings, Inc., Fate Therapeutics, Inc., Impinj, Inc., Trubion Pharmaceuticals, Inc. (TRBN), ALIS Corp., MicroOptical Devices, Inc., Array BioPharma, Inc. (ARRY), Elixir Pharmaceuticals, Inc., NeurogesX, Inc. (NGSX), Surface Logix, Inc., and Classmates Online, Inc.
ARCH's successful model of technology commercialization has garnered coverage from top business journals, periodicals, and in two case studies written by distinguished academics at The Harvard Business School.
As a team, the ARCH partners are unique, sharing more than 20 years of collaborative and interdisciplinary work in early stage new enterprise formation. The Co-Founding Managing Directors are Keith Crandell, Robert Nelsen, Clinton Bybee and Steve Lazarus (Emeritus). Managing Directors are Patrick Ennis, Scott Minick and Steve Gillis.
To learn more about ARCH, its venture funds, management team, and portfolio companies, see the website at http://www.archventure.com or contact:
Clinton Bybee, Managing Director, 512 795 5830
Keith Crandell, Managing Director, 773 380 6600
Patrick Ennis, Managing Director, 206 674 3028
Steve Gillis, Managing Director, 206 674 3028
Steven Lazarus, Managing Director Emeritus, 773 380 6600
Robert Nelsen, Managing Director, 206 674 3028
Scott Minick, Managing Director, 415 565 7103
SOURCE ARCH Venture Partners
TechForward, Inc. Announces Funding by NEA
December 10, 2007
[10-December-2007]
Press Release provided by PR Newswire
TechForward, Inc. Announces Funding by NEA Capital Will Fund Tests with National Electronics Retailers
LOS ANGELES, Dec. 10 /PRNewswire/ -- TechForward, Inc., a leading provider of financial services for consumer electronics, today announced that it has closed a second financing round led by New Enterprise Associates, Inc. (NEA), and including previous investor First Round Capital. The funds will be used to expand the reach of the company's Guaranteed Buyback(TM) product through partnerships with retailers and manufacturers of consumer electronics.
TechForward's Guaranteed Buyback product empowers consumers to upgrade their consumer electronics more affordably, easily, and responsibly by locking in trade-in values at the time of the original sale. Guaranteed Buyback makes it easy for customers to return their devices and get cash or store credit that can be used toward their next purchase.
"TechForward, with its innovative Guaranteed Buyback product, has an opportunity to become a major player in the consumer electronics industry," said Krishna "Kittu" Kolluri, General Partner at NEA. "The time is right for retailers to focus on customer retention and shortening upgrade cycles, and TechForward can facilitate that in a way that benefits both retailers and consumers."
The product gives customers an important new tool against premature product obsolescence, and also gives retailers a compelling add-on service to offer to their younger, more tech-savvy customers who would like to upgrade more frequently.
"We are excited to have New Enterprise Associates as investors," said Jade Van Doren, Chief Executive Officer, TechForward, Inc. "The firm's track record and experience will be helpful in bringing our product to national electronics retailers."
"Guaranteed Buyback is environmentally friendly as well," said Marc Lebovitz, VP of Operations at TechForward. "With Guaranteed Buyback, TechForward has brought a green disposal option to the point-of-purchase. You can now plan to dispose of your device in a way that promotes reuse and recycling at the time that you purchase it."
About TechForward
TechForward gives customers the flexibility to upgrade their computers and electronics more easily, affordably, and responsibly. Our Guaranteed Buyback(TM) product takes the uncertainty out of upgrading by guaranteeing future trade-in values for devices at the point and time of sale, and by making the trade-in process easy. TechForward markets its products through consumer electronics manufacturers and retailers, and more information can be found at http://www.TechForward.com.
About NEA
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has adhered to the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and operating in accordance with the highest standards of integrity and respect. NEA focuses on investments at all stages of a company's development, from seed stage through IPO. With approximately $8.5 billion in capital committed to its affiliated funds, NEA's experienced management team has invested in more than 550 companies, of which more than 160 have gone public and more than 230 have been acquired. NEA has U.S.-based offices in Baltimore, Maryland; Chevy Chase, Maryland; and Menlo Park, California. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai, China. For additional information, visit http://www.nea.com.
About First Round Capital
First Round Capital is a seed-stage venture capital fund. As former entrepreneurs, the partners understand the challenges of launching a new enterprise and look to take an active role in most of the companies they invest in. The fund has provided seed-stage funding to over 50 companies including: 1-800-FREE-411 (Jingle Networks), Like.com, Mint.com, StubleUpon, VideoEgg, WeatherBill, Yapta, and Wikia. First Round Capital invests nationally and has offices in Philadelphia, New York City and San Francisco. For more information, visit http://www.FirstRound.com.
SOURCE TechForward, Inc.
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