Great news...Lycos (Nasdaq:LCOS - news) is launching a $70 million Internet-investing venture that includes Microsoft co-founder Paul
Allen.
Lycos, Paul Allen, Others, Create Internet-Investing Fund
Bloomberg News
July 20, 1999, 12:04 a.m. PT
Waltham, Massachusetts, July 20 (Bloomberg) -- Lycos Inc.,
the No. 3 Internet search service, is starting a $70 million
Internet-investing venture that includes Microsoft Corp.'s co-
founder Paul Allen, the interactive edition of the Wall Street
Journal reported, citing Lycos Chief Executive Bob Davis. Lycos
will put $10 million of its own funds into the pool and operate
it as a general partner along with Triangle Capital Corp. of
Pittsburgh. The partnership plans to invest in young Internet
companies that Lycos hopes will make its co-investors a profit
while enhancing its own position by supplying technology, retail
sales and content., the newspaper said.
Lycos said on July 12 it's introducing an online auction
service as it seeks to tap the popularity of such sales to boost
revenue from electronic commerce. |
