The B2B and B2C may need a little more maturity to ipo than they would have 3-6 months ago, but MVC is probably also getting these deals at lower prices than they would have back then. Nearer term profitability will have to be shown or projected. We are definitely in the hands of our fund managers. Here's another one:
Subj: meVC Draper Fisher Jurvetson Fund I Invests $5.5 Million...
meVC Draper Fisher Jurvetson Fund I Invests $5.5 Million in AuctionWatch.com
SAN FRANCISCO--(BUSINESS WIRE)--June 23, 2000--meVC Draper Fisher Jurvetson Fund I, an information technology venture capital fund providing individual investors access to private equity investments (NYSE:MVC), today announced a $5.5 million Series C investment in AuctionWatch.com (www.auctionwatch.com) a leading provider of solutions that enable businesses to leverage dynamic commerce.
Other investors in the round included Technology Crossover Ventures, Bulldog Capital, Sequoia Capital, CMGI@Ventures, Angel Investors LP, and Argus Capital.
AuctionWatch.com has developed an innovative suite of eCommerce enabling applications that enable businesses of all sizes, both large and small, to benefit from dynamic pricing environments. AuctionWatch.com's services provide businesses with the tools and software necessary to efficiently distribute merchandise and acquire customers, while providing a convenient comparison-shopping service for buyers to locate and purchase these products. AuctionWatch.com's powerful suite of services is centered on three main areas: Seller Services, Buyer Services, and Post Auction Management Solutions, which when combined form a virtuous cycle creating valuable networking effects. The company has over 2.8 million unique visitors a month and has helped businesses sell over $120 million in merchandise during Q1 2000.
"This investment from meVC Draper Fisher Jurvetson Fund I gives us not only a strong resource in the Fund's management and established network, but also exposure to their large shareholder base," said Rodrigo Sales, Chief Executive Officer and co-founder of AuctionWatch.com. "We continue to receive inquiries from our user base regarding investments in AuctionWatch.com. The investment from the meVC DFJ Fund I will enable the Fund's shareholders to own a part of AuctionWatch.com and participate in the company's continued growth."
"AuctionWatch.com provides invaluable services that enable buyers and sellers of all sizes to benefit from a very dynamic pricing environment," said John M. Grillos, Chairman, Chief Executive Officer and Managing Member of the meVC Draper Fisher Jurvetson Fund I. "AuctionWatch.com is the current market leader in on-line auction services -- the company has an excellent management team and is backed by some of the best venture capitalists in the business."
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 Street, San Francisco, California 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 AuctionWatch.com
With over 2.8 million unique visitors a month and over 400,000 registered sellers, AuctionWatch.com is widely recognized as the company of choice for businesses looking to efficiently distribute merchandise to auction and cost effectively acquire customers. In addition to its suite of powerful seller services, AuctionWatch.com offers buyers an industry-leading search capability, allowing them to conveniently locate items across hundreds of auction sites. The company also publishes daily content on the auction industry, hosts the industry's premier online appraisal service, and has the most active independent message boards of its kind. Based in San Bruno, California, AuctionWatch.com is privately held and funded by Sequoia Capital, Technology Crossover Ventures, CMGI @Ventures, meVC Draper Fisher Jurvetson Fund I, Angel Investors LP and private investors.
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 x29
Corporate Communications
alex@mevc.com
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