Asiacontent.com Secures US$30-Million Financing
Pan-Asian Consumer Internet Business Attracts Stable of World-Class Investors, Global Brands
Updated 4:00 AM ET March 7, 2000
HONG KONG, March 7 /PRNewswire/ -- Asiacontent.com, a leading pan-Asian consumer Internet company integrating premium branded content, advertising and e-commerce, today announced US$30-million in second-round financing from four world-class Internet and venture capital companies.
Key investors include global Internet brands NBC Internet, Inc. and CNET Networks, Inc.; premier Asian private equity firm Newbridge Asia, part of Newbridge Capital; and Trans Cosmos USA, Inc., a leading Japanese Internet business development and joint venture firm. Investors from the first-round of financing have also increased their investment in Asiacontent.com by investing in this round.
Internet growth in Asia has increased demand from users who seek localized, high-quality branded content relevant to each individual market. Asiacontent.com, a pan-Asian developer of top quality multi-lingual Internet content through joint ventures with global brands, is committed to meeting this demand.
NBCi, joined by Newbridge Capital, is leading the second-round financing, further strengthening its position in Asia's burgeoning Internet market. In January, NBCi and Asiacontent.com announced a joint venture to develop and launch comprehensive, truly localized Internet community, content, and shopping services in the region. NBCi's family of services currently rank as the seventh-most visited properties on the Internet according to Media Metrix.
"We are extremely pleased to announce this investment in Asiacontent.com, a world-class, pan-Asian consumer Internet player. We believe they have the ability to help us build and market valuable, localized versions of our NBCi portal services that will provide a strong foothold for NBCi in the emerging Asian Internet markets. This investment will strengthen NBCi's opportunity to participate in Asia's explosive growth through Asiacontent.com's broad range of online initiatives across the region," said Chris Kitze, CEO of NBCi.
Dan Carroll, Managing Director of Newbridge Capital said: "Asiacontent.com has clearly established itself as a leader in Asia's Internet development and is executing to a clear and strong business plan which does credit to the development of its consumer-focused Internet business in Asia."
Earlier in January, after a two year strategic relationship, CNET and Asiacontent.com announced a joint venture and committed US$13 million investment to extend the CNET brand and reach in Asia through local-language, locally-relevant versions of CNET.com.
"CNET's strategic investment in Asiacontent.com provides a huge opportunity for CNET to further solidify our leadership in Asia and better serve international markets," stated Richard Marino, President of CNET. "Utilizing Asiacontent.com's deep understanding of the Asian market, we will continue to provide computer and technology buyers and sellers from around the globe, with the best technology information available in their local markets."
"Asiacontent.com provides a unique, pan-Asian platform for premium, branded content, advertising and e-commerce, and is recognized as the Asian-focused joint venture partner of choice for global Internet companies such as CNET, MTV Online, NBCi and E! Online. We are delighted to announce this strategic investment and relationship, which we hope will accelerate the launch of our own Internet-related business initiatives in Asia," said Masataka Okuda, Managing Director of Trans Cosmos, Inc.
Chris Justice, CEO of Asiacontent.com, said: "We believe that this latest injection of funds by Internet companies and investors will accelerate the implementation of our focused pan-Asian Internet strategy: creating premium branded local content, delivering targeted online advertising and providing e-commerce services for local audiences across Asia."
The funds will be used to help Asiacontent.com expand through global partnerships its premium branded media publishing and Internet advertising platform across multiple markets in Asia, to support continued corporate growth through hiring of new personnel, and to enhance the company's e-commerce infrastructure.
About Asiacontent.com
Asiacontent.com, Ltd (www.asiacontent.com) is a leading pan-Asian consumer Internet company, integrating three online businesses: content, advertising and e-commerce. Asiacontent.com creates premium, branded, local content through its joint venture partnerships with CNET, MTV Networks and SportsLine.com, and its license deals with E! Online and Mplayer/Hearme. Asiacontent.com delivers targeted online advertising through its DoubleClick Asia joint venture. Through a joint venture with NBC Internet, Inc., the company will launch community, content, Internet portal and shopping services throughout the Pacific Rim. Established in May 1999, Asiacontent.com has launched 15 web sites managed by over 350 staff in eight markets: Japan, South Korea, China, Taiwan, Hong Kong, Singapore, Malaysia and India. Key investors include AsiaTech Ventures, CNET Networks, Inc., GE Equity, H&Q Asia Pacific, Intel Pacific Inc., MTV Networks, NBC Internet, Newbridge Capital, TDF Management of Singapore, The Hambrecht Family, Trans Cosmos, Inc. and W.R.Hambrecht + Co.
About NBC Internet, Inc.
NBC Internet, Inc., a branded global integrated media company with e-commerce at its core, commenced operations in November 1999. NBCi integrates major media platforms, including Internet, broadcast and cable television and radio, to deliver powerful ways for partners to connect with users and customers. NBCi's flagship consumer Web site, Snap (www.snap.com), provides a comprehensive online experience to users worldwide via Internet search & directory, community, shopping, e-commerce, multimedia and entertainment services across all bandwidths.
NBCi was created through the combination of Snap, XOOM.com, NBC.com, NBC Interactive Neighborhood, VideoSeeker and a 10 percent equity stake in CNBC.com. NBC, a subsidiary of General Electric, holds a 43.9 percent ownership stake in NBCi and brings to the venture the storied heritage of 70 years of branded media and technology innovations. NBCi is headquartered in San Francisco and has offices in New York City, Los Angeles, and Chicago. For more information about NBCi and its constituent Internet services, please see the NBCi corporate Web site at www.nbci.com/corporate.
About Newbridge Asia
Newbridge Asia, a part of Newbridge Capital, is a leading private equity fund which makes direct investments in private and public companies operating in Asia, specifically Greater China (the PRC, Hong Kong and Taiwan), Japan, Korea and Southeast Asia. Founded by U.S.-based investment firms, Texas Pacific Group and BLUM Capital Partners, L.P. (formerly known as Richard C. Blum & Associates) in 1994, the firm has offices in Hong Kong, San Francisco, Shanghai and Singapore. Newbridge Asia II, L.P., the entity that has invested in Asiacontent.com, is a partnership which recently completed investments in prominent Internet companies iAsiaWorks and Livedoor, Inc.
About CNET Networks, Inc.
CNET Networks, Inc. is a leading edge media company, producing a branded Internet network, computer product database and television and radio programming for both consumers and businesses. CNET is the leading authority on computers, the Internet and technology products and services. CNET's network serves millions of users each day. CNET Data Services licenses its multi-lingual product database to more than 40 U.S. and European online computer retailers, resellers and leading e-commerce companies. CNET television programming airs on CNBC and in national syndication, as well as nearly 100 foreign countries. CNET Radio airs in the San Francisco Bay Area on KNEW 910 AM. CNET currently has investments in cash and marketable securities that are valued at more than $1 billion, including its approximate 12 percent stake in NBC Internet Inc.
About Trans Cosmos, Inc.
Trans Cosmos, Inc. (TCI), is Japan's leading provider of outsourced customer I.T. services and Internet business development/Joint Venture companies. The company specializes in projects and investments for Internet Early-to-Mezzanine stage companies that can create business development opportunities in Japan and thereby increase the revenues and shareholder value of the U.S. portfolio company. TCI investments, business development projects and Joint Ventures are in the areas of Online Customer Support, Internet Marketing Services, eCommerce and Internet Multimedia Broadcasting. The company's strategic investments include the following Internet companies: RealNetworks, Liquid Audio, DoubleClick, Spinner.com, PointCast, Veon, SoftNetworks, Shoutmail.com, Mjuice, WitCapital, Junglee/Amazon, PrimusCommunications, F5, Mysimon.com, Sendmail, NetPerceptions, TicketMaster-Citysearch, Mail.com, Autobytel and Live Picture. |
