HomeWarehouse.com Receives $9M in Funding From Comdisco Ventures; Home Improvement E-tailer to Accelerate Development of Infrastructure and Brand.Business Editors/Internet & E-Commerce Writers SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--Dec. 20, 1999 As part of its strategy to become the leading Internet destination for home- improvement products and information, HomeWarehouse.com today announced that it has closed a $9 million round of financing from Comdisco Ventures, a division of Comdisco, Inc. The investment will help HomeWarehouse.com to accelerate the expansion of its infrastructure as well as launch a marketing campaign to build the HomeWarehouse.com brand among do-it-yourself (DIY DIY abbr. do-it-yourself DIY or d.i.y. Brit, Austral & NZ do-it-yourself DIY abbr DIY do it yourself a DIY shop/job. ) consumers. DIYers are projected to have purchased more than $150B in home improvement supplies in 1999, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Do It Yourself Retailing, Market Measure 2000, and the average DIYer spends $1,900 per year on home-improvement-related items. HomeWarehouse.com focuses on the DIY community, filling the unmet needs of customers who seek convenience, readily available product and how-to information, and expert customer service, including free advice from Home Pros, HomeWarehouse.com's on-staff building and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling experts. "This infusion of capital from Comdisco allows us to quickly take our infrastructure to the next level to support our increasing sales and traffic volumes," said Richard Shane, founder and president of HomeWarehouse.com. "We will use this investment to ensure that we continue to provide the best customer experience on or off the Internet and that consumers understand they are our number-one priority." Said Manuel Henriquez, partner at Comdisco Ventures: "We are pleased to provide this financing to HomeWarehouse.com and are confident that our relationship will provide HomeWarehouse.com with increased flexibility, allowing them to maintain their leadership position in the online Home Improvement space." About HomeWarehouse.com San Mateo-based HomeWarehouse.com is the premier home-improvement partner on the Internet for Do-It-Yourselfers of all levels. The site features a superior selection of products, plus services and features that help customers during every step of the home-improvement experience, from project planning project planning - project management through completion. HomeWarehouse.com is backed by premier venture capitalists Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. Accel Partners and Sequoia Capital Sequoia Capital is a venture capital firm founded by Don Valentine in 1972. The firm's partners include Don Valentine, Pierre Lamond, Michael Moritz, Doug Leone, Mike Goguen, Mark Stevens, Jim Goetz, Sameer Gandhi, Roelof Botha, and Mark Kvamme. . For more information visit the company's Web site at www.homewarehouse.com. About Comdisco Comdisco (www.comdisco.com) provides global technology services to help its customers maximize technology functionality, predictability and availability, while freeing them from the complexity of managing their technology. The Rosemont, Ill. company offers a complete suite of information technology services including business continuity, managed network services, and IT control and predictability solutions. Through its subsidiary, Prism Communication Services Inc., Comdisco is developing a high-speed, always-on digital network, which will provide customers with leading-edge connectivity. Comdisco also offers equipment services to key vertical industries, including electronics, communications, laboratory & scientific, and computer-integrated manufacturing computer-integrated manufacturing Data-driven automation that affects all systems or subsystems within a manufacturing environment: design and development, production (see CAD/CAM), marketing and sales, and field support and service. . Through its Ventures group, Comdisco is a leader in providing equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
A new business. . The company's revenue for the 12 months ended Sept. 30, 1999 was $4.2 billion. |
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