CarParts.com Completes $42 Million Second Round Equity Financing to Fuel Expansion in B2B and B2C; Rho Management, CMGI's AtVentures, Lead Investment In Dynamic Model.Business Editors SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif.--(BUSINESS WIRE)--Jan. 25, 2000 CarParts.com, the leading auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
CMGI College Marketing Group Information (Services) (Nasdaq:CMGI). New investors Barnard &Co. and Investor AB Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family. The company owns a controlling stake in several large Swedish companies. In 2006 it had a market value of 119 billion kronor (€13 billion). ($16 billion). Group joined previous investors Brand Equity Ventures, St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Venture Capital and Ravenswood Capital. CarParts.com raised a total of $42 million to expand its growing leadership in the estimated $150 billion U.S. auto parts industry. The disclosure of the second-round funding for CarParts.com follows closely on recent announcements highlighting long-term strategic partnerships between the California-based company and auto industry leaders such as EMAP EMAP Emergency Management Accreditation Program EMAP Electronic Materials and Packaging EMAP Electronic Mapping EMAP Environmental Mapping and Assessment Program EMAP Environmental Monitoring and Assessment Programme Petersen, Cars.com, Autoweb.com, Autobytel.com and AutoTrader.com. &uot;CarParts.com is in a truly unique position. We secured follow-on investments from our key initial backers, at a level 50 percent higher than our first round of funding. This is no small achievement at a time when investors are looking critically at where to place their funds. &uot;And we have secured significant partnerships and alliances with giants in the automotive industry who believe strongly that our business model represents the future of both B2C (Business to Consumer) Refers to a business communicating with or selling to an individual rather than a company. See B2B. and B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business activity in the automotive parts e-commerce space. In the digital age, leaders only want to be associated with other leaders,&uot; said Alan Bennett, chief executive officer and founder of CarParts.com. CarParts.com's Web site provides customers with powerful, personalized search capabilities to locate and order online from more than 1.5 million different parts for cars, trucks, vans and SUVs. Through its Web site (www.carparts.com), the company sells replacement parts, accessories, performance products, body parts, original equipment manufacturer (OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and ) parts and restoration parts along with recycled and remanufactured parts. &uot;A combination of the sheer size and sector fundamentals in the autoparts aftermarket industry and the company's recent momentum, positions CarParts.com extremely well as an Internet B2C success story. In addition, Rho believes that the company will be a catalyst for a paradigm shift A dramatic change in methodology or practice. It often refers to a major change in thinking and planning, which ultimately changes the way projects are implemented. For example, accessing applications and data from the Web instead of from local servers is a paradigm shift. See paradigm. in the industry by driving significant increases in productivity and efficiencies within the B2B segment. &uot;These dynamics, along with a top-notch management team, provided a natural investment choice for Rho. We are very pleased to have added CarParts.com to our Internet portfolio,&uot; said Habib Kairouz, managing director of Rho Management. &uot;The CarParts.com business strategy is truly compelling,&uot; said Peter Mills, managing partner @Ventures. &uot;In a market opportunity that is larger than books, pet food and videos combined, CarParts.com's proprietary technology places them head-and-shoulders above any possible competition. &uot;By taking the procurement process online, it eliminates the inefficiencies associated with the traditional bricks and mortar A store (shop, supermarket, department store, etc.) in the real world. Contrast with clicks and mortar. wholesale and retail model of poor inventory turnover and high carrying costs Carrying costs Costs that increase with increases in the level of investment in current assets. . What truly stands out about the CarParts.com strategy is the way their technology meets both the demands of the B2C and the B2B marketplaces. This new strategy is going to radically change the traditional way of doing business in the auto parts industry.&uot; With the addition of $42 million through its second-round funding, CarParts.com plans to aggressively deliver on its growth strategy. By expanding and leveraging its blue chip list of strategic industry partners, CarParts.com is positioned to become the central online source for aftermarket automotive parts. &uot;With this vote of confidence in the Carparts.com model, we now have the opportunity to show our investors, our partners and the business community at large how it is possible to successfully integrate B2C and B2B into one seamless operation,&uot; Bennett said. About CarParts.com CarParts.com is the Internet's number one source of replacement parts and accessories for cars, trucks and SUVs. The easy-to-use Web site (www.carparts.com) offers the driving public the convenience of online access to and immediate delivery of more than 1.5 million automotive products from nearly 500 major brand names including TRW TRW The Real World (TV reality show) TRW The Right Way TRW Tactical Reconnaissance Wing TRW The Retriever Weekly (University of Maryland, Baltimore, MD) TRW Thompson Ramo Wooldridge Inc , AC Delco, Beck Arnley, Borg Warner, Motorcraft, Accel, Borla and Lund. CarParts.com is headquartered in Santa Monica, Calif. -- the emerging high-tech corridor of Southern California. About @Ventures and CMGI With 60 companies, CMGI Inc. represents the largest, most diverse network of Internet companies in the world. This network includes both CMGI operating companies and a growing number of synergistic investments through its venture capital affiliate, @Ventures. CMGI leverages the technologies, content and market reach of its extended family of companies to foster rapid growth and industry leadership across its network, and the larger Internet Economy. Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI. CMGI's majority owned operating companies include Engage Technologies (Nasdaq:ENGA), NaviSite (Nasdaq:NAVI), 1ClickBrands, 1stUp.com, Activate.net, Activerse, AdForce, Adsmart, AltaVista, CMGI Solutions, Equilibrium, Flycast, iCAST, Magnitude Network, MyWay.com, NaviNet, SalesLink, Tribal Voice and ZineZone. The company's @Ventures affiliates have ownership interests in Lycos, Inc. (Nasdaq:LCOS (Liquid Crystal on Silicon) A technology used to make microdisplays for rear-projection TVs and head-mounted displays (HMDs). Each LCoS chip hosts a grayscale LCD shutter sandwiched between a cover glass and a mirror. ), Critical Path (Nasdaq:CPTH), Silknet (Nasdaq:SILK), Chemdex (Nasdaq:CMDX), MotherNature.com (Nasdaq:MTHR MTHR Mobile Telecommunications and Health Research (UK) ), Asimba.com, AuctionWatch.com, Aureate au·re·ate adj. 1. Of a golden color; gilded. 2. Inflated and pompous in style. [Middle English aureat, from Late Latin aure Media, blaxxun, BizBuyer.com, Boatscape.com, buyersedge.com, CarParts.com, CraftShop.com, eCircles.com, eGroups.com, EXP.com, FindLaw, FoodBuy.com, Furniture.com, Half.com, HotLinks, INPHO/HomePriceCheck.com, Intelligent/Digital, KOZ.com, Mondera.com, MyFamily.com, NextMonet.com, NextPlanetOver.com, Oncology.com, OneCore.com, PlanetOutdoors.com, Productopia, Raging Bull, SnapFish.com, Speech Machines, ThingWorld.com, Vicinity, Virtual Ink, Visto, Vstore and WebCT. About Rho Management Company Rho Management Company (Rho) is an international asset management firm based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Founded in 1981, Rho seeks to diversify its assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , first by geographic location and then, more specifically, by industry, currency, and investment medium. Rho's primary investment focus for its core clients is on long-term wealth expansion. Rho's primary long-term investing activities include venture capital, private equity funds and real estate. Rho's short and medium-term investment and trading activities include equities, fixed income, currencies and futures and options. Recent Rho investments for its Internet portfolio include Commerce One, Confer Software, eLogo.com, eZiba.com, iVillage.com, more.com, On24 and Tripod. Habib Kairouz, managing director of Rho Management, will join the CarParts.com board of directors. Kairouz also sits on the boards of AnswerSoft, eLogo, iVillage, more.com, musicmaker.com, streetmail.com, Tripod and Yantra Yantra is a Sanskrit word that is derived from the root meaning "to restrain, curb, check".[1][2] Meanings for the noun derived from this root include "that which restrains or fastens, any prop or support", "a fetter", "any instrument or machine", "an . About Brand Equity Ventures Brand Equity Ventures (BEV), one of the leading marketing-oriented venture funds, invests broadly across the Internet in B2C and B2B businesses where branding, customer acquisition and customer retention are the key success factors. From extensive experience, BEV has found that the potential to build substantial brand equity -- such as with CarParts.com -- is the common characteristic of the most successful venture-backed consumer companies. Examples of successful companies previously funded by BEV include Outpost.com, Alloy Online, Essential.com, Furniture.com, Homeportfolio.com, Gymboree and Office Max. About St. Paul Venture Capital Founded in 1988, St. Paul Venture Capital (SPVC SPVC Soft Permanent Virtual Connection SPVC Switched Permanent Virtual Circuit SPVC Security Policy Verification Committee SPVC Soft Permanent Virtual Circuit ) is focused on investing in early stage companies in the areas of consumer Internet, business Internet, communications and health care. With offices in Minneapolis, San Francisco and Boston and over $1.5 billion under management, SPVC invests nationally in industry leading companies. For more information, visit the St. Paul Venture Capital Web site at www.stpaulvc.com. About Ravenswood Capital Corp. Ravenswood Capital Corp. is a Chicago-based venture capital fund that invests in early-stage Internet companies. In addition to investing capital, Ravenswood is committed to bringing the highest level of service to entrepreneurs and their businesses. About Barnard &Co. Barnard &Co. manage over $1 billion in private equity investments and, additionally, draws upon the resources of a much larger permanent pool of capital. Investment activities are focused in the information technology, Internet and communications arenas. Current private investments in B2B and B2C e-commerce B2C e-commerce The conducting of commerce by companies, government agencies, and institutions with consumers over the Internet. Amazon.com is typical of a company engaged in B2C e-commerce. infrastructure companies include BuildNet, Furniture.com, Net Library, NxView and Requisite Technology. Barnard &Co. also manage a large public equity portfolio with a similar investment focus. About Investor AB Group Investor AB is one of Europe's largest investment companies, and is the largest industrial holding company in Sweden. They are the lead shareholder in a number of Europe's largest, most internationally active companies, including 50 percent ownership of Saab Automotive (along with 50 percent owner General Motors). Investor AB has other significant investment stakes in Ericsson, Astra Zeneca, SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. Airline, ScaniaTrucks, ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s , Stora Enso, Atlas Copco, Gambro, SEB Noun 1. SEB - a form of staphylococcal enterotoxin that has been used as an incapacitating agent in biological warfare staphylococcal enterotoxin B and WM-data. Investor AB generates value for its shareholders through long-term active ownership and active investment operations. This approach is also being used in Investor AB Group's recent Internet investments, which include StepStone.com and Spray AB. Over the past 20 years the average total annual return to shareholders has exceeded 20 percent. Investor AB is based in Stockholm, with offices in Hong Kong, London, New York and Amsterdam, Netherlands. Visit www.investor.se for more information. NOTE TO EDITORS: In the Headline noted in this news release, AtVentures replaces the &uot;at&uot; symbol. In the company name @Ventures, there is an &uot;at&uot; before Ventures. This symbol may not appear properly in some systems. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion