|
|
|
INTERNET.COM VENTURE FUND I PORTFOLIO COMPANY SECURES $15 MILLION IN AN ADDITIONAL ROUND OF FUNDING
(New York, NY-March 7, 2000)-internet.com Venture Fund I LLC, part of the affiliated venture arm of internet.com Corporation (Nasdaq: INTM), today announced that Handango.com (formerly the GoPDA network, including PalmCentral.com and CEStation.com), one of the first companies added to its investment portfolio, has secured $15 million in additional equity financing from the following venture capital firms: $10 million from Hicks, Muse, Tate & Furst Incorporated and $5 million from Q Ventures. This funding will enable Handango.com to accelerate the execution of its wireless and business-to-business strategies.
internet.com Corporation also announced it has made a strategic equity investment in Handango.com in consideration for barter advertising and the creation of co-branded Web sites.
"We are once again pleased to see that one of our first portfolio companies has received such significant funding from a variety of venture investments in only five months after our initial investment," stated Alan M. Meckler, Chairman and CEO of internet.com Corporation. "This additional round of funding, similar to that received by CreativePlanet.com, demonstrates that our strategy of investing in early stage content sites continues to be on target, thus, offering great value for stockholders of internet.com Corporation and investors in internet.com Venture Fund I."
Handango.com (http://www.handango.com) develops and maintains a network of sites dedicated to serving the rapidly expanding handheld computing community. Its core sites, PalmCentral.com and CEStation.com, provide handheld users with a comprehensive collection of mobile computing hardware and software.
internet.com Venture Fund I and Fund II have invested in 27 Internet properties to date. Both funds were formed to invest in early-stage online content providers serving targeted markets that follow the strategy of, but are not competitive to, internet.com. internet.com is the portfolio manager of internet.com Venture Fund I and Fund II and is an investor in both funds. internet.com continues to hold the added benefit of being a public operating company in the Internet space that also extends value to its stockholders by having an Internet venture capital arm. For further information about internet.com Venture Capital Funds visit (http://www.internet.comvc.com).
internet.com Corporation (Nasdaq: INTM; http://www.internet.com), based in New York, New York, is a leading provider of global real-time news and information resources for Internet industry and Internet technology professionals, Web developers and experienced Internet users. internet.com operates a network of 100 Web sites, 75 e-mail newsletters, 101 online discussion forums and 75 moderated e-mail discussion lists with over 2.2 million unique visitors that generate more than 110 million page views monthly. Total "views", which include Web site page views, e-mail newsletter views and e-mail discussion list views, are now over 170 million per month. internet.com's global presence includes editions in Arabia, Asia, Australia, Canada, China, France, Germany, Israel, Japan, South Africa and the United Kingdom. In addition, internet.com with its related internet.com Venture Fund I and Venture Fund II is an investor in a growing number of business-to-business content sites and related Internet media properties.
Interested advertisers should contact the Ad Sales department at [email protected] or (203) 662-2962. For e-commerce and licensing opportunities, contact David Arganbright, Vice President, Commerce and Licensing, at [email protected] or (203) 662-2858.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding internet.com Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see internet.com's reports filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934. The forward looking statements included herein are made as of the date of this press release, and internet.com assumes no obligation to update the forward looking statements after the date hereof.
Steve Rubel
Schwartz Public Relations
(212) 677-8700 x23
[email protected]
Nicole Catalano
internet.com Corporation
(212) 547-7939
[email protected]
internet.com Corporation press releases can be found on the World Wide Web at (http://www.internet.com/corporate/press.html).