Driveway Raises $43.5 Million in Latest Funding Round; Personal Online Storage Leader Attracts Substantial Offers from Established Firms.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Jan. 11, 2000 Driveway has secured nearly $45 million in its latest funding round. Lead investors include established institutions Generation Partners, Chase Capital Partners, RS Investment Management, Sandler Capital Management and Vantage Point Venture Partners. Driveway initially targeted $25 million for the round, which quickly became oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. by a long list of leading financial institutions and large corporations. "Once again, Driveway received an overwhelmingly positive response across the board from the financial community -- the investment bankers Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. , VCs, institutional banks and analysts," Chris Logan, chief executive officer, Driveway, said. "The strong demand allowed us to select some of the strongest financial funds at a very attractive valuation. This is a reflection of Driveway being the market leader in the next 'killer' Internet application." Driveway's latest financing round comes on the heels of two earlier venture rounds led by Vantage Point Venture Partners and supported by Battery Ventures, which raised $9.5 million. Investors expressed enthusiasm for the potential of personal online storage as the next consumer application to become ubiquitous on the Web. "We saw the explosion of e-mail and are witnessing a similar accelerated phenomenon with personal online storage," Shahan Soghikian, general partner, Chase Capital Partners, said. "Driveway is already leading this space with more than four times the member base of any other provider. We expect them to maintain this position with its experienced management team and proven ability to secure strategic partnerships with the likes of Microsoft and Lycos among others." Driveway will use the proceeds to ensure the company's leading market position by funding consumer marketing initiatives, business partnerships and infrastructure development. About Generation Partners Generation Partners is a $165 million investment fund focused on providing equity capital for Internet and information technology companies. Generation has invested in a number of leading Internet companies including Hotjobs.com, e-STEEL, DiscoverMusic.com, National Transportation Exchange and Snowball snowball: see honeysuckle. .com. The firm has offices in both San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and 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 . About Chase Capital Partners Chase Capital Partners (CCP (Certified Computer Professional) The award for successful completion of a comprehensive examination on computers offered by the ICCP. See ICCP and certification. . 1. (language) CCP - Concurrent Constraint Programming. 2. ) is a global private equity organization with more than $7 billion under management. Through professionals in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe, Asia, and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , CCP provides equity and 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 for a wide variety of investment opportunities, including management buyouts Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. and recapitalizations, venture capital, growth equity, and equity to reduce excessive debt burdens. Since its inception in 1984, CCP has closed more than 900 individual transactions, including over 100 in technology and telecommunications. CCP's solo limited partner is The Chase Manhattan Corp., one of the largest bank holding companies in the United States, with assets totaling approximately $366 billion. The financial acumen acumen Astuteness, perception, perspicacity and entrepreneurial diversity of the 85 professionals at CCP is the result of a broad base of business and geographical investment experience. About Driveway San Francisco-based Driveway is a leader in personal online file storage. Through driveway.com, the company offers more than 2 million members a reliable way to access, store and share digital information from any Web-enabled computer. Formerly known as Atrieva Corp., the company pioneered Internet-based file storage and has established relationships with more than 40 strategic partners, including Microsoft, Lycos, Netscape, McAfee.com and USA.net. For additional information, visit Driveway at www.driveway.com. Note to Editors: Driveway is a registered trademark of Driveway. All other trademarks are the property of their respective owners. |
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