Cyberian Outpost Receives $2.3 Million Infusion of Funding Capital; Connecticut Innovations Leads First Round of Funding.KENT, Conn.--(BUSINESS WIRE)--Aug. 19, 1997--Cyberian Outpost, the leader in Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the retailing of computer products, announced today that it has closed its first round of venture capital funding. The $2.3 million investment was led by Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). Innovations, Inc. -- a premier investor in fast-growing, Connecticut-based high technology companies. The funding will be used to fuel Cyberian Outpost's explosive growth of Internet sales and marketing programs, expand the use of technology for both front and back-office systems and fund expansion of its product offerings. International Data Corporation (IDC) projects that commerce on the World Wide Web will grow from $2.6 billion last year to more than $200 billion in 2001. Already poised for significant growth, the capital will enable Cyberian Outpost Cyberian Outpost was an online vendor of discount computer hardware and software, and was one of the first successful online retailers. CybOut was founded in 1994 by Darryl Peck and announced its IPO in 1998 (NASDAQ: COOL). to further leverage the market opportunity. Additional investors in Cyberian Outpost's first round of financing include Broderbund Software and Kanematsu USA -- a major Japanese trading company with holdings in many leading technology companies. Cyberian Outpost also received financing from various private investors. "The participation and support from such an esteemed es·teem tr.v. es·teemed, es·teem·ing, es·teems 1. To regard with respect; prize. See Synonyms at appreciate. 2. To regard as; consider: esteemed it an honor to help them. group of investors is a tremendous endorsement of our company and its service," said Darryl Peck peck: see English units of measurement. , president 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 Cyberian Outpost. "This investment enables us to expand our current sales and product offering efforts and continue to meet the demands of our international and domestic customers." Victor Budnick, president and executive director of Connecticut Innovations stated, "Technology will play an increasingly significant role in competitively differentiating Internet providers Internet provider - Internet Service Provider of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . We are excited to be supporting this cutting edge Connecticut entry into electronic commerce." Headquartered in Kent, Cyberian Outpost is an Internet-based computer retailer which sells Mac and PC computer products, including hardware, software and peripherals. Billed as "the cool place to shop on the Internet," Cyberian Outpost is the Internet's leading computer retailer. Cyberian Outpost was founded in 1995 by its President, Darryl Peck. CONTACT: Cyberian Outpost Robert Rathbun, 860/927-2050 rdr@outpost.com www.outpost.com or Kaufer Miller Communications Abby Smith, 415/286-4812 Abbys@kmcomm.com http://www.kmcomm.inter.net |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion