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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 234.70-1.2%Nov 14 9:30 AM EST
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To: Sarmad Y. Hermiz who wrote (68322)7/20/1999 9:50:00 AM
From: Glenn D. Rudolph  Read Replies (1) of 164684
 
Lycos <LCOS.O> forms venture capital fund
WALTHAM, Mass., July 20 (Reuters) - Online network Lycos
Inc. said Tuesday it formed a $70 million venture capital fund,
Lycos Ventures, L.P., with partners that include Microsoft
Corp. <MSFT.O> co-founder Paul Allen's Vulcan Ventures.
The company said in a statement that Lycos would put $10
million into the pool and operate it as a general partner along
with Triangle Capital Corp. of Pittsburgh.
Lycos's other partners in the fund include Vulcan Ventures,
Bear Stearns Cos. Inc. <BSC.N> as well as Japan's Sumitomo
Corp. <8053.T> and Mirae Corp. of Korea.
Each will contribute from $5 million to $10 million.
"A key component of our growth has always been our
acquisitions and investments. Lycos Ventures represents a major
boost to this effort," said Bob Davis, Lycos president and
chief executive.
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 general partner, a company formed by Lycos and Triangle
Capital called Lycos Triangle Partners LLC, will gain 20
percent of all realized returns from the partnership and an
annual management fee.
Lycos gets a pro rata share of what remains after that cut.
859-1860))
REUTERS
Rtr 07:51 07-20-99
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