Direct Hit Secures $26 Million in Mezzanine Financing; TA Associates and Commonwealth Capital Lead Premier Group of Investors.
WELLESLEY, Mass.--(BUSINESS WIRE)--Aug. 2, 1999--
Direct Hit (www.directhit.com), provider of the world's most relevant search results, today announced it has raised $26 million in mezzanine financing Mezzanine Financing
A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the . TA Associates, a premier venture firm with $2.5 billion under management, and Commonwealth Capital, a prominent venture firm specializing in high growth New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. companies, are the lead investors in this round. TA Associates has assisted over 60 companies since 1991 in successful public offerings with top tier investment banks The following is a list of investment banks Financial conglomerates
Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. . Commonwealth Capital was a lead investor in Smarterkids.com, Mothernature.com, Stratus, and Viewlogic. Foremost technology investors Draper Fisher Jurvetson Draper Fisher Jurvetson (DFJ) is a venture capital firm based in Menlo Park, California with affiliate offices in more than 30 cities around the world and over $4.5 billion in capital commitments. , Viventures Partners, Mosaic Venture Partners, NeoCarta, and Cornerstone Capital Group LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control also participated in the Direct Hit investment.
Direct Hit's Popularity Engine analyzes the search activity of millions of Internet searchers to provide the world's most relevant search results. With this new funding, Direct Hit intends to aggressively pursue its vision of providing Internet and e-commerce search results to as many Internet users as possible. To achieve this aim, the company will seek to boost its brand name and image in the consumer and Internet industry markets. In addition, Direct Hit will continue its focused product development efforts and recruitment of leading portal partners.
"Direct Hit's method for providing web users with highly relevant search results is the best I have seen," said Jonathan Goldstein There are multiple notable people named Jonathan Goldstein:
"Direct Hit is pleased to receive this vote of confidence from the venture capital community," said Mike Cassidy, 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 Direct Hit. "Not only are we adding a substantial amount of capital, but this new group of investors brings a tremendous wealth of experience to our team."
About Direct Hit
Direct Hit provides the most relevant search results in the world. Direct Hit is available to more than 50% of all web users and through its partners possesses an unduplicated reach of 54.4% or 33,666,000 unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. , according to Media Metrix. Direct Hit's relevant results are available at the Lycos Network; the Microsoft Network; HotBot, a service of Wired Digital; ICQ ("I Seek You") A conferencing program for the Internet from Mirabilis, Tel Aviv, Israel (www.icq.com). It provides interactive chat, e-mail and file transfer and can alert you when someone on your predefined list has also come online. , a division of America Online; LookSmart, the Internet's leading category-based Web site; ZDNet, the leading Internet news, information and entertainment site; Scandinavia Online, one of the top three online services in Europe; UKMax, the leading online service in Britain; InfoSeek Express, the browser-based metasearch engine; and Apple Computer, the makers of the innovative search tool Sherlock. Founded in 1998 and privately held, Direct Hit is funded by TA Associates, Commonwealth Capital, Draper Fisher Jurvetson, Mosaic Venture Partners, and other leading venture firms. Direct Hit is headquartered in Wellesley Massachusetts and can be found on the Internet at www.directhit.com.
Direct Hit and Popularity Engine are trademarks of Direct Hit Technologies, Inc. All other products or company names mentioned are used for identification purposes only and may be trademarks of their respective owners.