|
|
|
INTERNET.COM VENTURE FUND I PORTFOLIO COMPANY RECEIVES $25 MILLION IN SECOND ROUND OF FUNDING
(Westport, CT - October 27, 1999) - internet.com Venture Fund I LLC, the affiliated venture arm of internet.com Corporation (Nasdaq: INTM), today announced that CreativePlanet.com, the first company added to its investment portfolio, has received $25 million in equity financing from the following venture capital firms: C.C. Entertainment Partners (C.C.E.P, a strategic partner of Chase Capital Partners), WaterView Partners, SunAmerica Ventures, Ares Management and individual investor Michael Fuchs. internet.com Corporation is also an equity investor in CreativePlanet.com."We are excited and pleased to see that in fourteen weeks our first investment has received such significant funding from a variety of venture investments," stated Alan M. Meckler Chairman of internet.com Venture Fund I LLC and Chairman and CEO of internet.com Corporation. "This confirms that our strategy of investing in early stage content sites in the business-to-business area is on target and offers a great value for stockholders of internet.com Corporation and investors in internet.com Venture Fund I."
internet.com Venture Fund I LLC was established in April 1999 to invest in early stage content sites in the business-to-business area. internet.com Corporation is the portfolio manager of the Fund as well as an investor in the Fund. In addition to CreativePlanet.com, internet.com Venture Fund I is now fully invested with eight other investments which include AuctionRover.com, NetEquipment.com, MLX.com, Tutor.com, MDLinx.com, BuyBuddy.com, GoPDA.com and workz.com. internet.com will continue to follow the path of CMGI (Nasdaq: CMGI) and Internet Capital Group (Nasdaq: ICGE) with the benefit of being a public operating company in the Internet space that also extends value to its stockholders by having a successful Internet venture capital arm.
internet.com Corporation (Nasdaq: INTM) owns and operates internet.com, the E-Business and Internet Technology Network which includes 78 Web sites, 70 e-mail newsletters, 101 online discussion forums, and 73 moderated e-mail discussion lists for Internet industry and Internet technology professionals, Web developers and experienced Internet users. internet.com's global presence includes editions in Canada, China, the United Kingdom, Arabia, Australia, Asia, France, Japan and Israel.
"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 "Risk Factors" in the Company's Prospectus dated June 25, 1999, Annual Report or Form 10-K for the most recently ended fiscal year.
For more information contact:
Nicole Catalano
internet.com Corporation
(203) 341-2870
[email protected]
All current internet.com Corp. press releases can be found on the World Wide Web at http://www.internet.com/corporate/press.html.