AllBusiness.com Secures $12.4 Million in Series C Financing; Funding Led by Sutter Hill Ventures with Backing from VantagePoint Venture Partners and Reed Elsevier Ventures.
The collective investment in AllBusiness.com reflects the growing demand by small and mid-size business (SMB) leaders for a Web site focused specifically on the needs of SMBs -- which make up 99 percent of all U.S. businesses. AllBusiness.com's recent Winter 2005 SMB State of the Union study indicated that 65% of SMB leaders rely on Internet search engines to aid decision making. The site's highly relevant content and focus on search engine optimization have positioned the Company perfectly to serve this audience. Over the past eight months, AllBusiness.com's monthly site visitors have more than doubled, highlighting the increasing market need for the company's expertise.
"This funding will serve to accelerate AllBusiness.com's ability to provide a one-stop resource to the highly diverse and fragmented audience of small and mid-size business leaders -- providing them with the information and advice most important to their growth and success," said Peter Horan, CEO of AllBusiness.com. "We're thrilled to be adding two terrific new investors -- Sutter Hill Ventures, one of the oldest and most respected venture capital firms in Silicon Valley and Reed Elsevier Ventures, an outstanding strategic investor with decades of global publishing experience and success."
AllBusiness.com will use the funding to invest in audience growth, infrastructure development and product expansion. The company continues to expand the information and services available on its Web site and recruit more experts to provide exclusive content. The new funding will enable AllBusiness.com to focus on continuing its aggressive growth strategy and the building of strategic partnerships.
AllBusiness.com is a leading online resource for small and mid-size businesses. The Company operates one of the Web's premier business sites, providing practical information and services for business professionals and growing businesses. The site includes how-to articles, business forms, contracts and agreements, expert advice, blogs, business news, directory listings, product comparisons, business guides and more. In addition to its flagship Web site, the Company's content can be accessed by its content syndication program, RSS feeds and e-mail newsletters. The AllBusiness.com management team has been involved in more than $4 billion of recent successful Internet company exits. www.allbusiness.com
Sutter Hill Ventures has financed technology-based start-ups and assisted entrepreneurs in building market-leading companies since 1964. Through decades of experience, they have developed industry networks, considerable operating and venture capital experience, and an understanding of the challenges that early-stage and high-growth companies face. Sutter Hill Ventures offers expertise in developing business strategy and partnerships, building management teams, and financing companies in both public and private markets. www.sutterhillventures.com
VantagePoint Venture Partners is among the leading venture firms in the world with more than $2.8 billion of capital under management. The Firm invests exclusively in technology driven companies and is organized around deep expertise and resources in five principal areas of interest: CleanTech, Communications, Healthcare, Semiconductors, and Software/Internet. VantagePoint is a multi-stage investor, investing in high growth businesses at all stages of development. The Firm supports each of its portfolio companies with the resources of a dedicated team of VantagePoint professionals able to contribute a blend of company building, technology, operations, marketing, and corporate finance expertise. www.vpvp.com
Reed Elsevier Ventures is the venture arm of Reed Elsevier Group plc and was established in 2000. The Venture team is responsible for making investments in innovative companies that have the potential to provide the Group with new technologies, products, services or customers. Reed Elsevier's trusted brands, customer reach and ever increasing digital delivery make the Group an ideal commercial partner for emerging best-of-breed companies seeking market acceleration and a strong relationship with a leading global publisher. www.reedelsevier.com