3PLex Closes $12 Million in Third Round Funding with Investments from Polaris Venture Partners, CNF Ventures, and BancBoston Ventures.Business/Technology Editors CAMBRIDGE, Mass--(BUSINESS WIRE)--Feb. 5, 2001 --Premier Logistics and Software Investors Bring Total Venture Capital Raised to More Than $28 Million -- 3PLex, the provider of web-enabled transportation solutions for third party logistics companies (3PLs) and intermodal participants, today announced that it has closed on $12 million in third round financing from leading investors, bringing the total funding raised to more than $28 million. Polaris Venture Partners and BancBoston Ventures served as co-lead investors in the round, and were joined by CNF CNF Configuration (File Name Extension) CNF Conference CNF Conjunctive Normal Form CNF Could Not Find CNF Chin National Front (Burma) CNF Canadian Nature Federation CNF Cornell NanoScale Facility Ventures and others. "3PLex is poised to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. a tremendous business opportunity. Since our first investment in 3PLex, we have seen terrific progress in building out the team, the product, and the customer base. We are delighted to increase our commitment to 3PLex," said Michael Hirshland, general partner at Polaris Venture Partners. 3PLex is targeting the third party logistics market, which is estimated to exceed $200 billion by 2004. "With its early mover advantage, impressive customer traction and leading technology, 3PLex is positioned to become a significant player in this large and rapidly growing market said Peter Roberts Sir Peter Geoffrey Roberts, 3rd Baronet (23 June 1912 – 22 July 1985) was a British Conservative Party politician. He was elected at the 1945 general election as Member of Parliament (MP) for Sheffield Ecclesall. , managing director at BancBoston Ventures. Mr. Roberts joined 3PLex's board alongside David Barrett David Barrett may refer to:
3PLex investors understand from an insider's point of view how 3PLex's technology can produce quick improvements to a 3PL's bottom line. The CNF companies' $6 billion in revenues comes from leading transportation and third party logistics organizations such as Con-Way Transportation Services, Emery Worldwide, Menlo Logistics, and Vector SCM (1) (Software Configuration Management, Source Code Management) See configuration management. (2) See supply chain management. . "Completing a round of funding with premier logistics and software investors speaks to the robustness of 3PLex's business model," said 3PLex president and CEO Greg Pope. "3PLex's return-on-investment-based value proposition resonates with both customers and investors, especially in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of challenging economic times." "Our web-based transportation solution enhances our customers' businesses and helps them achieve substantial productivity improvements and revenue growth, as well as respond more effectively to the increasing demands of their shippers," said Ben Gordon, 3PLex founder and chairman. 3PLex plans to use the funds to continue development of its Transportation Operating System (TOPS) and drayage Drayage A trucking company freight charge for the pick up or delivery of an ocean container. products and to support the product rollout. About BancBoston Ventures BancBoston Ventures, the venture capital investment arm of FleetBoston Financial (NYSE NYSE See: New York Stock Exchange : FBF FBF Forearm Blood Flow FBF Frankfurt Book Fair FBF Feedback Form FBF Frame by Frame (animation technique) FBF FleetBoston Financial Corporation (stock symbol) FBF Fundamental Baptist Fellowship ), has provided expansion capital to emerging growth companies since 1959. Its sister company, BancBoston Capital, provides later stage capital options from equity sponsorship to co-investment and mezzanine capital for buyouts, recapitalization and expansion of mid-size companies. Supported by offices in Boston, Palo Alto, London, Hong Kong, Singapore, Buenos Aires and Sao Paulo, BancBoston Capital and BancBoston Ventures have invested roughly US$5 billion in more than 500 companies. BancBoston Ventures-backed companies include Allaire, Arbinet, Clareon, Internet Capital Group, Netmind (Puma), OnDisplay, Silknet, Versata and Viewlocity. About CNF CNF is a $6 billion management company of global supply chain services with businesses in regional trucking, air freight, ocean freight, customs brokerage, global logistics management and trailer manufacturing. CNF companies include Con-Way Transportation Services, Emery Worldwide, Menlo Logistics, and Vector SCM. More information on CNF can be found at www.cnf.com. About Polaris Venture Partners Polaris Venture Partners is a group of investors and technology executives with a successful track record of investing in and partnering with early-stage entrepreneurs in both information and medical technology. With over $1.2 billion under management, the Polaris team offers entrepreneurs an edge by providing a full range of support and services to its portfolio companies. Polaris has over 60 companies in its portfolio, including business leaders such as Akamai Technologies (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AKAM AKAM Akamai Technologies, Inc. (stock abbreviation) AKAM Automated Key Access Machine ), Allaire Corporation (NASDAQ: ALLR), deCODE Genetics (NASDAQ: DCGN) and Paradigm Genetics (NASDAQ: PDGM). The company has offices in Boston, Seattle and Austin. For more information, visit www.polarisventures.com. About 3PLex 3PLex provides third-party logistics companies (3PLs) with web-enabled transportation solutions. 3PLs gain access to 3PLex's Transportation Operating System (TOPS), private exchange, and suite of supply chain services. As a result, 3PLs can achieve dramatic productivity improvements and expanded revenue growth opportunities. More information about 3PLex can be found at www.3PLex.com. |
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