Clareon Corp. Secures $30M in Second Round Funding:
PORTLAND, Maine, Sep 11, 2000 (BUSINESS WIRE) -- Technology Crossover Ventures, Morgan Stanley Dean Witter and Comdisco contribute funds; original partners Mayfield Fund, Berkshire Partners and BancBoston Ventures provide renewed support.
Clareon Corporation, provider of the only bank-neutral Internet payment network for secure, information-rich, B2B transactions, today announced the completion of a second round of funding led by Technology Crossover Ventures (TCV), a Palo Alto-based venture capital firm. Second round funding totals $30M and complements Clareon's first round of $15M, completed in March 2000. Clareon will leverage its second-round funding to extend its leadership position in developing the first bank-neutral, open standards-based B2B Internet payment network, accelerate market adoption and leverage global opportunities.
TCV led the second round with a $14M investment followed by Morgan Stanley Dean Witter, who committed corporate funds of $10M. Additional second-round partners included Comdisco and first round venture partners Mayfield Fund, Berkshire Partners LLC and BancBoston Ventures, who returned with a second show of support. Mayfield Fund is currently the single largest investor in Clareon.
"Clareon's investment partners are noted on a global scale for having driven some of the world's most successful B2B ventures," said Clareon Chairman and CEO Paul Walsh. "We are honored by their tremendous--and in the case of our returning first-round partners--continued show of support, which will be instrumental in extending Clareon's leadership in developing the industry's only bank-neutral payment network based on open, interoperable standards."
"TCV is pleased to join Clareon and an impressive list of first round investors in this outstanding market opportunity," said Jake Reynolds, general partner of Technology Crossover Ventures and new member of Clareon's Board of Directors. "Clareon is well positioned to become the standard for B2B payment networks. After considering many companies in this sector, we found that Clareon best delivers the combination of strong management and technology leadership that reflects TCV's investment philosophy."
About Technology Crossover Ventures
TCV was founded in 1995 to capitalize on the emergence of the Internet and to create a new model for Internet investing by combining the best of venture capital and public market investing. It is one of the largest venture firms in the country focused exclusively on the Internet, having raised over $2.5 billion since 1995. TCV has twelve partners, and headquarters in Palo Alto, California. The company provides multi-stage venture funding--from $3 million to $75 million per company--and leverages its venture activity into the public market.
About Clareon
Clareon Corporation, launched in March 2000, has pioneered the only bank-neutral Internet payment network for secure, information-rich transactions between companies doing business on the World Wide Web. Clareon's payment network is based on technology originally developed by a consortium of leading financial institutions and technology providers for the U.S. Treasury Department in 1998. The high-volume business payment network enables businesses to realize significant cost savings through the ability to transact electronic payments between any company, anywhere, regardless of geography or existing bank relationships. Clareon has secured a total of $45 million in venture funding from the Mayfield Fund, Technology Crossover Ventures, Morgan Stanley Dean Witter, Berkshire Partners LLC, BancBoston Ventures and Comdisco. The company employs 82 people and is headquartered in Portland, Maine's historic Old Port. For more information on Clareon, visit www.clareon.net. |
