Advoco.com Secures $4 Million in Funding; Board of Directors Named for Online Marketplace for Advice and Services.MENLO PARK, Calif.--(BUSINESS WIRE)--June 29, 1999-- Advoco.com, the online marketplace for expert advice and services, today announced it has received $4 million in financing from venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] who have backed such leading Internet companies as eToys, Lycos, GeoCities, and VeriSign. Bessemer Venture Partners Bessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, China, and India. It has backed such companies as Ciena, Flarion, Parametric Technologies, Skype, Staples, VeriSign and Veritas. , @Ventures (a CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) affiliate), Draper Richards, and Angel Investors participated in the round. The company also named the initial members of its Board of Directors. Advoco.com's new Board of Directors includes: Mark Benning -- President and founder, advoco.com -- Benning is a second-generation Internet entrepreneur. No stranger to Silicon Valley, he co-founded Release Software Corporation in 1995. Benning, a native of Edmonton, Canada, has worked as a corporate consultant, venture capitalist, and entrepreneur since graduating from Harvard University and Stanford Graduate School of Business The Stanford Graduate School of Business (also known as Stanford Business School or Stanford GSB) is one of the professional schools of Stanford University, in Stanford, California. It is one of the leading business schools in the United States. . David Cowan -- General Partner, Bessemer Venture Partners -- For over seven years Cowan has been at Bessemer, the nation's oldest venture capital practice. Specializing in e-commerce, Cowan has funded eToys (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 : ETYS), VeriSign (NASDAQ: VRSN VRSN Verisign, Inc. (stock abbreviation, AMEX) VRSN Version Number (NEC) ), BabyCenter, Flycast (NASDAQ: FCST FCST Forecast FCST Federal Council for Science and Technology ), Furniture.com, Ciena (NASDAQ: CIEN), Hotjobs.com, Keynote, Worldtalk (NASDAQ: WTLK), Tumbleweed, and PSI-Net (NASDAQ: PSIX). Jon Callaghan -- General Partner, @Ventures -- Callaghan joined @Ventures in 1997 and focuses exclusively on investing in early stage companies in the content, community, and e-commerce segments of the Internet. Investments by @Ventures include Chemdex, Critical Path (NASDAQ: CPTH), GeoCities (acquired by Yahoo), Silknet Software (NASDAQ: SILK), and Lycos (NASDAQ: LCOS). Lawrence B. Levy -- Director, Pixar Animation Studios and IDG Books -- Levy recently stepped down as EVP, CFO See Chief Financial Officer. and Office of the President at Pixar (NASDAQ: PIXR). Prior to joining Pixar, Levy was Vice Chairman and CFO at Electronics for Imaging (NASDAQ: EFII), a company he co-founded. Prior to joining, EFI Levy was a partner at Wilson Sonsini Goodrich and Rosati. "I invested in advoco.com because it has the team and network affiliates to become the eBay for services," said venture capitalist Cowan. Levy said, "Mark Benning has a very impressive track record and in a short time he has assembled an extraordinary team to lead advoco.com." "Advoco.com is creating the marketplace for expert advice and services," said Benning. "We're the first to be funded, and we'll remain the leader by focusing on the needs of all our members-both users and advisors." (Note to Editors: Please see separate release dated June 29, 1999 -- Advoco.com Announces Executive Team; Net Vets Unite to Create Online Marketplace for Advice and Services) About advoco.com, Inc. Advoco.com, Inc. was incorporated in February 1999 to create the first online marketplace for expert advice and services on the Internet. The company has attracted over $4 million in financing from some of Silicon Valley's leading venture capital firms including Bessemer Venture Partners and @Ventures (a CMGI affiliate:NASDAQ: CMGI). Advoco.com is located in Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. . For further information, please go to http://www.advoco.com. advoco.com and the advoco logo are trademarks of advoco.com, Inc. All other marks are the properties of their respective holders. |
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