CornerHardware.com Raises Additional $21 Million; Home Improvement E-Tailer Signs Strategic Alliance With Homestore.com, Receives Minority Investment.Business Editors and Technology Writers SAN FRANCISCO--(BUSINESS WIRE)--April 5, 2000 CornerHardware.com, a leading Internet retailer for the home improvement industry, today announced that it has closed its second round of venture funding, securing an additional $21 million of capital. The round was led by Apex Investment Partners, a Chicago-based venture capital firm, and includes a strategic investment from Homestore.com (Nasdaq:HOMS), the leading network of sites on the Internet for home and real estate information. Other significant financial investors in this round include the lead first-round investor, Alta Partners, and new investor Sofinnova Ventures. Also, in conjunction with the new funding, CornerHardware.com will expand its board to include James Johnson James Johnson may refer to: Artists, authors, and musicians
"The deals announced today will help propel us to a leadership position in the online home improvement industry," commented Rich Takata, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CornerHardware.com. "Each new investor provides us with more than just additional capital -- they deliver valuable insights into how to succeed in a competitive e-commerce market. The Homestore.com alliance makes great sense -- they help customers with home and real estate decisions, and then we work with Homestore.com to assist new home owners home owner home n → propriétaire occupant with their home improvement product needs." Alliance With Homestore.com CornerHardware.com also announced a strategic commercial arrangement with Homestore.com, the leading network of home and real estate sites on the Internet. The agreement includes an investment in CornerHardware.com by Homestore.com, joint advertising and marketing campaigns, and a co-branded Web site where consumers can 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>. CornerHardware.com's service and product offerings. "CornerHardware.com shares our vision of using the Internet to deliver a superior customer experience," said Stuart Wolff, chairman and chief executive officer of Homestore.com. "The breadth and quality of their content, products and services will significantly fortify for·ti·fy v. for·ti·fied, for·ti·fy·ing, for·ti·fies v.tr. To make strong, as: a. To strengthen and secure (a position) with fortifications. b. To reinforce by adding material. the `remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. and maintain' and `shop' areas of our network." About Homestore.com Homestore.com, Inc. is the leading network of home and real estate sites on the Internet. Homestore.com's family of Web sites includes Homestore.com(TM), Realtor.com(R), HomeBuilder.com(TM), HomeFair.com(TM), SpringStreet.com(TM) and Remodel.com(TM). Consumers can view over 1.3 million new and existing homes for sale and find broker and agent services on Realtor.com, the official Internet site of the National Association of Realtors The National Association of Realtors (NAR) is made up of residential and commercial realtors who are brokers, salespeople, property managers, appraisers, and counselors, and others working in the real estate industry. (R). Consumers searching for new homes can find more than 130,000 models, new homes and build-to-suit plans on HomeBuilder.com, the official new-homes site of the National Association of Home Builders The National Association of Home Builders (NAHB) is one of the largest trade associations in the United States. Headquartered in Washington, DC, the association organizes one of the largest conventions in North America, The International Builders' Show, which draws more than . Consumers interested in renting an apartment will find listing information for more than 45,000 properties in more than 6,000 cities on SpringStreet.com. Homestore.com's remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling area covers home improvement needs for both consumers and remodeling professionals. Comprehensive information on moving and relocation is available at HomeFair.com. HomeStore.com also has content distribution relationships with America Online See AOL. , Excite@Home and Go Network/Infoseek. About CornerHardware.com CornerHardware.com expects to be the leading home improvement destination on the Internet for the do-it-yourself, buy-it-yourself and professional customer. The company delivers a wide range of hardware and tools, editorial advice from home improvement experts, and unmatched customer service. CornerHardware.com's commitment to outstanding customer support recently earned it the Five Star Site award from eRetailNews. For more information on the company, call 415/773-1110 or visit www.cornerhardware.com. |
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