Where did everybody go? Must have been one hell of an investment they made, eh?
traffic.com Receives $19 Million from Internet Capital Group, TL Ventures & Bessemer Venture Partners
BusinessWire, Wednesday, October 20, 1999 at 09:11
CAMP HILL, Pa.--(BUSINESS WIRE)--Oct. 20, 1999--
Internet Capital's Managing Director Doug
Alexander joins traffic.com's Board of Directors
traffic.com, the premier provider of real-time and predictive
traffic information to businesses and consumers, today announced the
completion of its second round of financing, totaling $19 million.
The investors include Internet Capital Group (NASDAQ:ICGE), an
Internet holding company actively engaged in business-to-business
e-commerce through a network of partner companies; TL Ventures, which
focuses on information technology, communications and healthcare
companies; and Bessemer Venture Partners, which provides investment
and assistance in building innovative, high growth companies.
traffic.com also announced the addition of Doug Alexander,
Managing Director of Internet Capital, to its Board of Directors. Doug
is Chairman of VerticalNet, Inc. and serves on the boards of
Blackboard, Inc.; ComputerJobs.com, Inc.; Deja.com Inc.; LinkShare
Corporation and SageMaker, Inc.
"Having originally funded the company, we welcome the capital,
expertise and support of our new partners," said Mark J. DeNino,
Chairman of traffic.com and Managing Director of TL Ventures.
"This commitment of time, expertise and capital from our
investment partners will enable traffic.com to continue breaking new
ground in the digitized traffic data arena," said David L. Jannetta,
President of traffic.com. "This latest investment brings the total
amount invested in traffic.com to approximately $22 million, including
the earlier investment in traffic.com by one of Safeguard Scientifics'
affiliated venture funds, Pennsylvania Early Stage Partners. This
level of investor support allows us to continue to pioneer real-time
traffic solutions for the business-to-business and
business-to-consumer markets."
Headquartered in Camp Hill, Pennsylvania, traffic.com represents
the nation's first all-digital traffic and logistics information
service focused on business-to-business as well as
business-to-consumer solutions. It collects and distributes data
across its wireless network in real-time, 24 hours daily via Internet,
wireless or traditional broadcast media.
traffic.com's information will be networked into a National
Transportation Data Center.
"Internet Capital formed a partnership with traffic.com based on
its ability to be a market maker for logistics and traffic information
services," said Doug Alexander, Internet Capital Managing Director.
"Internet Capital's strategy is to integrate our partner companies
into a collaborative network that leverages the collective knowledge
and resources of the group--a strength which will enhance
traffic.com's competitive advantage." |
