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meVC Draper Fisher Jurvetson Fund I Invests $10 Million in EXP.com
SAN FRANCISCO--(BUSINESS WIRE)--June 26, 2000--meVC Draper Fisher Jurvetson Fund I, an information technology venture capital fund providing individual investors access to venture capital investments (NYSE:MVC), today announced a $10 million investment in EXP.com, Inc., a leading online marketplace for advice and services. Other investors in the round, which totaled $33 million, included J. & W. Seligman, Ask Jeeves, Inc.(R) (Nasdaq:ASKJ), Bonaventure Capital, and previous investors Bessemer Venture Partners, CMGI @Ventures -- the venture capital affiliate of CMGI, Inc., Maveron, Bowman Capital, Oracle Ventures (Nasdaq:ORCL), and Comdisco Ventures (NYSE:CDO).
EXP connects people seeking advice with qualified experts and service providers in over 300 topic areas within the Business, Technology, and Personal Interests areas. The site attracts millions of unique visitors each month, enabling interaction with experts via email, chat session, and phone. EXP also powers Expert Networks for leading Web sites including Ask Jeeves' Ask.com.
"EXP and meVC share a similar philosophy," said Mark Benning, CEO and founder of EXP.com, Inc. "EXP is focused on giving everyone with questions access to qualified experts with answers; meVC is focused on providing everyone access to private equity investments. "
"EXP.com has clearly proven itself to be a market leader in online expert advice services -- it is the place to go to access advice from real industry experts on a range of business and technology issues," said John M. Grillos, chairman, and chief executive officer of the meVC Draper Fisher Jurvetson Fund I. "EXP.com has a strong management team, industry-leading partnerships and a solid line-up of investors
-- we feel strongly that the company will continue to prove itself as a leader in this space."
The meVC Draper Fisher Jurvetson Fund I, Inc. closed in March 2000, and will begin trading on the New York Stock Exchange under the symbol "MVC" no later than June 26, 2000. The fund is the first in what will be a family of meVC venture capital funds created to give individual investors the ability to diversify their investment portfolios and participate in private equity investments.
About the meVC Draper Fisher Jurvetson Fund I, Inc.
meVC Draper Fisher Jurvetson Fund I, Inc., an information technology venture capital fund, was formed through a collaborative effort between meVC, a Delaware corporation, and Draper Fisher Jurvetson, a leading venture capital investment firm. The Fund's investment objective is long-term capital appreciation from venture capital investments in information technology companies, primarily in the Internet, e-commerce, telecommunications, networking, software and information services industries. Additional information may be obtained by writing to meVC Draper Fisher Jurvetson Fund I, Inc., 991 Folsom St., San Francisco, CA 94107, Attention: Secretary, or by calling 877-474-meVC (6382).
About meVC
meVC is the first venture capital investment management firm to provide all individual investors access to private equity investments. meVC plans to sponsor a family of venture capital funds that invest in various venture capital industry sectors and geographic regions. In March of 2000, meVC launched its first Fund, a $330 million venture capital fund emphasizing investments in information technology companies. The Fund will be publicly traded on the New York Stock Exchange on June 26, 2000 under the symbol "MVC." The company is headquartered in San Francisco, and can be reached via the Web at www.meVC.com or at 415/977-6150.
About EXP.com, Inc.
Established in February 1999, EXP.com, Inc. is the online marketplace for expert advice and services. EXP connects individuals seeking advice with experts and service providers in over 300 topics within the Business, Technology, and Personal Interests areas. The company also powers Expert Networks for corporations and destination Web sites. EXP has attracted over $60 million in financing from Bessemer Venture Partners, CMGI @Ventures, Maveron, Bowman Capital, J.
& W. Seligman & Co. Inc., meVC, Ask Jeeves (Nasdaq:ASKJ), and Oracle Ventures (Nasdaq:ORCL). EXP.com is located in Menlo Park, Calif. For further information, please visit exp.com.
Statements in this announcement other than historical data and information constitute forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. Potential risks and uncertainties may include, but are not limited to, recent changes in senior management, fluctuations in operating results, market conditions and changes in technology and increased competition.
CONTACT:
meVC, San Francisco
Alex Zion, 415/977-6150 ext. 29
alex@mevc.com
or
Porter Novelli Convergence Group
LaurieAnne Lassek, 415/975-2236
laurieanne.lassek@pnicg.com
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