CraftShop.com Secures $15 Million Commitment From Industry-Leading Venture Capitalists.COOPERSTOWN, N.Y. and ANDOVER, Mass.--(BUSINESS WIRE)--Sept. 20, 1999-- CraftShop.com, an emerging e-commerce portal serving the consumer arts & crafts market, has secured a $15 million funding commitment led by Brand-Equity Ventures. PRIMEDIA Ventures and @Ventures, the affiliated venture capital arm of CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) , Inc. (Nasdaq:CMGI), also participated in the financing. Each firm will take a seat on the CraftShop.com Board of Directors. The assembled firms join previous round investor, an Andlinger & Company, Inc. affiliate, in supporting the developing e-commerce, content and community Web site. Together, the new investors have implemented a $7.5 million round and have committed to a follow-on round for an additional $7.5 million. "This substantial funding commitment demonstrates the investment community's confidence in our business model," explained Angus Mackie, founder and president of CraftShop.com. "We are very pleased to have attracted industry-leading investors who share our enthusiasm as we build the Web's leading destination for dedicated arts and crafts arts and crafts, term for that general field of applied design in which hand fabrication is dominant. The term was coined in England in the late 19th cent. as a label for the then-current movement directed toward the revivifying of the decorative arts. hobbyists and casual enthusiasts alike." "The crafts market is already large and trends tell us it will continue to grow. We also see a natural shift to the Internet given the ease of buying online and the opportunity for hobbyists to find a community of their peers on the Web," noted lead investor Bill Meurer, vice president with Brand Equity Ventures. "Craftshop.com is solidly positioned to be the leader in crafting on-line. I look forward to working with Angus and the Craftshop.com team as they build a dynamic and engaging site to serve this largely untapped consumer market." "Arts and Crafts enthusiasts form a uniquely motivated and committed market and they return to retailers time and time again to replenish the supplies and materials they need," added @Ventures general partner Marc Poirier. "We are very confident that CraftShop.com can fulfill the avid crafter's needs with a one-stop-shopping portal that brings crafts enthusiasts together to shop, learn and share their ideas, insights and successes." About CraftShop.com CraftShop.com is an emerging e-commerce, content and community portal serving the arts and crafts community online. The company is currently headquartered in Cooperstown, NY. To register to be informed of future developments at the site, go to http://www.craftshop.com. About Brand Equity Ventures Brand Equity Ventures (BEV) is one of a select few venture firms focusing exclusively on the consumer sector and bringing a unique expertise in evaluating marketing risk and helping early stage companies build strong, branded consumer franchises. BEV invests broadly across the consumer sector, including the Internet wherein success is achieved by delivering a compelling consumer value proposition, marketing effectively, and acquiring customers efficiently. BEV's professionals bring extensive consumer branding and valuable marketing experience to young, consumer e-commerce companies. BEV's investments span the spectrum of consumer opportunities and include e-commerce, brick & mortar retailers, catalogs, consumer products, restaurants and consumer services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, . They include: Alloy Online (Nasdaq:ALOY), an apparel cataloger and e-commerce destination for teens; CarParts.com, an on-line retailer of auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
About PRIMEDIA Ventures PRIMEDIA Ventures is the venture capital arm of PRIMEDIA, Inc., a leading targeted media company and publisher of such magazine titles as Crafts, Sew News, McCall's Quilting quilting, form of needlework, almost always created by women, most of them anonymous, in which two layers of fabric on either side of an interlining (batting) are sewn together, usually with a pattern of back or running (quilting) stitches that hold the layers and Snapshot Memories. PRIMEDIA Ventures invests in internet-related companies in such areas as: business and consumer commerce services, enterprise software applications, and enabling technologies for Internet services and managed applications. Its portfolio includes MyPoints.com (Nasdaq: MYPT MYPT myosin phosphatase target (biochemistry) MYPT Merseyside Young People’s Theatre (UK) MYPT Maramures Young People's Trust (UK) ), CarsDirect.com, Utility.com, Avid Networks, The Wedding Network, and SocialNet. Primedia Ventures is located at 745 5th Avenue, 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 , NY 10151. Additional information is available at http://www.primediaventures.com. About Andlinger & Company Andlinger & Company, Inc. is a 25 year-old international private investment firm headquartered in Tarrytown, NY with offices in Brussels, Belgium and Vienna, Austria. For more information, see http://www.andlinger.com. About @Ventures and CMGI A recognized leader in the Internet economy The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price. , CMGI, Inc. (Nasdaq:CMGI) has built a substantial base of Internet operating companies operating company A business that engages in transactions with outsiders. and, through its @Ventures affiliates, has invested in a growing portfolio of synergistic Internet enterprises which enhance the value of its core holdings. This unique method of generating equity for its shareholders is what CMGI calls "creating net value." Microsoft, Intel, Sumitomo and Compaq hold minority positions in CMGI. CMGI's majority-owned subsidiaries majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. include Engage Technologies (Nasdaq:ENGA), Activerse, Adsmart, AltaVista, Cha! Technologies, iCAST, Magnitude Network, NaviSite, NaviNet, Planet Direct 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), Advoco.com, Ancestry.com, 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, buyingedge.com, CarParts.com, eCircles.com, Furniture.com, HotLinks, Intelligent/Digital, KOZ.com, Mondera.com, MotherNature.com, NextMonet.com, NextPlanetOver.com, OneCore.com, ONElist, PlanetOutdoors.com, Productopia, Promedix.com, Raging Bull, Softway Systems, Speech Machines, ThingWorld.com, Universal Learning Technology, Vicinity, Virtual Ink and Visto. CMGI is also the majority-owner of SalesLink, InSolutions and On-Demand Solutions, leaders in direct marketing, fulfillment and turnkey arenas. CMGI Corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. Telephone: 978-684-3600. Fax: 978-684-3814. Additional information is available on the company's Web site at http://www.cmgi.com/. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements in this press release regarding CMGI, Inc.'s business which are not historical facts are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the CMGI Annual Report or Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the most recently ended fiscal year. |
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