Read about RRRR's relationship to upcoming IPO L-90 (LNTY)!
Rare Medium Group, Inc. Announces Its First Round Of Venture Investments
FOR IMMEDIATE RELEASE:
NEW YORK (October 4, 1999) -- Rare Ventures, the investment arm of Rare Medium Group, Inc.(NASDAQ: RRRR), today announced its initial step towards the future with its first venture investments, taking strategic positions in and providing development services for a diverse set of next-generation Internet companies. Investments include: L90, a leading provider of comprehensive online advertising and direct marketing solutions for advertisers and Web publishers; iParty.com, an Internet-based merchant of party goods, party related services and party-planning advice; and SmartOnline.com, a leading provider of Web-hosted business productivity applications and information resources for small businesses and entrepreneurs.
Rare Medium enables and builds next generation online businesses, and with $87 million in capital raised from the Apollo investment group, Rare can now take equity stakes in companies that benefit from its award-winning Web development services.
"Rare Ventures provides a unique combination of access to capital and a full suite of Internet development services. The companies Rare Ventures invests in benefit from our depth and breadth of resources, Internet expertise and industry relationships. We provide these companies with the financial, strategic and technological expertise needed to translate their business concepts into a reality," said Glenn S. Meyers, president, chairman and CEO of Rare Medium Group, Inc. "This venture strategy gives Rare a competitive advantage in attracting and retaining both new clients and employees," he added.
Rare's new venture capital arm, Rare Ventures, is responsible for making venture and incubator investments. With its deep knowledge of Internet business and access to proprietary deal flow through relationships with its clients, top-tier venture capital firms and Apollo, Rare Ventures has the ability to identify and add significant value to the next generation of blockbuster Internet companies. All of these portfolio companies have entered into strategic professional services agreements with Rare Medium's Internet Solutions arm estimated to be in excess of $3 million. Rare Venture's three investments include
L90 (www.L90.com): L90 implements sophisticated "beyond the banner" advertising campaigns featuring sponsorships, co-branding, content integration, rich media and other innovative marketing techniques. The company represents a network of select Web publishers featuring sites such as Alloy Online, Big Yellow, Hollywood.com and Liquid Audio. Over 450 advertisers, including Ford Motor Company, iVillage, Netscape, Procter & Gamble and Visa have utilized L90's solutions. Rare co-invested with Omnicom Group, Inc. ("OMC") and will be represented on L90's board of directors by Glenn S. Meyers, Chairman and Chief Executive Officer of Rare.
iParty.com (www.iparty.com): iParty.com is the ultimate resource for party-givers to exchange ideas about parties, select themes, make comprehensive plans and purchase all of the goods and services for a successful event. Rare was hired by iParty.com to provide strategic development services and, with its investment, has the opportunity to benefit from the success of those efforts. Rare co-invested with RS Investments and Special Situations Fund as part of a $23 million funding round. iParty.com's primary shareholder is Robert H. Lessin, former chairman of Salomon Smith Barney and current chairman of Wit Capital.
SmartOnline, Inc. (www.smartonline.com): SmartOnline is a provider of small business information and planning tools that has converted its industry leading CD-ROM applications into native Web-based applications accessible through a vertical portal designed to serve small businesses. Smart Online provides Compaq's Online Services Suite customers with access to SmartOnline.com and its easy-to-use Web-hosted business productivity applications and information resources. Rare and Compaq ("CPQ") are co-investors in this round of financing for SmartOnline, Inc.
Also check out the Rare Medium web site
raremedium.com |
