Second round of financing secured
London, February 19 2001 - Projectplace International AB, the leading
for communication and collaboration services in Europe, announced today
that it has completed its second financing round securing £5 million in
new investments. The funding will assist with further product
development, international expansion and increased marketing. i2i
from Sweden led the round through its partner Woodbridge, owned by the
Thomson family in Canada. A number of the existing shareholders, among
others Investor Growth Capital (a wholly owned subsidiary of Investor
and Arctic Ventures, have also invested in the second round of
The investors in the second round financing also have an option to
an additional £2.3 million before June 30, 2001.
"We are very pleased to have successfully closed our second round of financing in this turbulent financing climate," said Mattias Hallstrom,
CEO and founder of Projectplace. He continued, "Our existing investors
have shown strong confidence in the company and our potential through their follow-up investments. Through the investment by i2i venture we
have a new investor with international connections that will
strengthen our expansion possibilities. We have during 2000 been very
successful in gaining new customers and increasing revenues, and with
new capital we will be able to further strengthen our position in the
Nordic region, Netherlands and UK as well as in new geographic markets.
We will also use this round of financing to fund continued product
development that will help us to further improve our offering to our
professional customers and keep us ahead of the competition."
"Projectplace has proven that it has a unique concept that is strongly
demanded by professionals worldwide. The service is presently marketing
and selling itself and we believe that there is significant additional
growth potential both in the present countries that Projectplace is
operational in as well as new countries, such as Germany and France.
Through our close relationships with Adcore and Thomson we believe that
will be able to contribute significantly to the continued successful
expansion of Projectplace," says Ole Oftedal, CEO of i2i venture.
The business concept of Projectplace is to provide a global pay-per-use
Web-based application service for professional project collaboration.
Projectplace.com lets the project members share document and files,
schedule meetings, carry out project scheduling with to-do items and
charts, hold online discussions, etc. The service makes it possible to
create virtual teams, communicate securely independent of geographic
distance and also enables the project member to constantly be updated of
what is happening in the project.
Continued international expansion and focus on sales and marketing
Projectplace launched its first service in Sweden in September 1998 and
since then the service has also been launched in Norway, the Netherlands
and UK. Currently Projectplace has over 50,000 registered members from
more than 5,000 companies. The revenues amount to 143,000.00 per month
the average revenue growth amounted to over 11% per month during 2000.
Revenues from customers outside Sweden accounted for 22% of the total
revenues in December 2000.
The objective of Projectplace is to become the leading European Internet
service for professional project collaboration. In order to achieve
Projectplace will build language specific web sites and services for the
respective markets. High quality support will also be established and
local sales channels will be built, e.g. through strategic partnerships
with local B2B portals. Projectplace is also continuously developing
service in order to add more value for the users through implementation
Carnegie was the exclusive financial advisor to Projectplace in this
second financing round.
Based in Stockholm, Projectplace was founded in January 1998 by a group
research engineers. In 1997 the founders attracted international
when they launched the world's first pay-per-use project collaboration
service with integrated secure Internet credit card payments.
provides professional Web-based project collaboration services by means
shared "Project Places". These enable easy collaboration and
between geographically dispersed and cross-organizational project teams.
A Project Place is designed to be used by anyone involved in a project
any time throughout the entire lifecycle of the project. The open,
standards-based architecture of Project Places is the ideal complement
popular CAD, document management, and traditional project management
For more information visit: http://www.projectplace.co.uk
For further information, please contact:
Dak Liyanearachichi, MD Projectplace, +44 207 726 7016
Ole Oftedal or Johan Ek, i2i venture, +46 8 635 80 00
Anders Grånäs, Investor Growth Capital, +46 8 463 38 00
Robert Ahldin, Arctic Ventures, +46 8 566 150 58
Chris Netto/Nicola Alvey, eclat Marketing
+44 1628 400900
About i2i venture:
i2i venture was established in June 2000 by Adcore, Skandia Investment
Ole Oftedal. The idea was to profit from the number of investment
proposals coming out of Adcore's international consultancy. i2i venture
based in Sweden and it primarily has a Nordic view when investing. i2i
venture works closely with Adcore in the technology and business
evaluation of investment opportunities. Adcore's 1,800 employees in 13
countries will also be able to assist i2i in its international
In October 2000 the Canadian Thomson family holding company Woodbridge
with its significant financial resources, signed an agreement to
co-operate with i2i venture. The collaboration with Woodbridge provides
i2i venture access to extensive investment capacity, a necessary factor
for investments in established companies with global growth potential.
venture is a management company managing a start up fund as well as a
larger fund (Woodbridge) for more traditional venture capital projects,
all with a focused investment strategy. Ole Oftedal is the CEO, Johan Ek
works as investment manager and Christer Jacobsson, chairman and Göran
Wågström, board member, also play an active role in the investments.
For more information: http://www.i2i-venture.com
Woodbridge is the holding company for the Canadian based Thomson Family
with substantial assets, including a 73% ownership of the public Thomson
Co. Thomson Corporation is a leading global e-information and solutions
company serving the business and professional marketplace. In 1999 it
revenues of USD 5.8 billion and 36,000 employees worldwide. Woodbridge
a long tradition as an investor and with a large presence in North
For more information: http://www.thomson.com
Investor AB is a long-term active shareholder in a number of global
companies, such as Ericsson, AstraZeneca, and ABB. Investor AB has
approximately $20 billion in total assets, including $3 billion in
under management in Investor's global private equity operations in New
York, Palo Alto, Stockholm, London, Munich, Amsterdam and Hong Kong.
Investor Growth Capital: Investor Growth Capital is a venture capital company wholly owned by
Investor AB. Investor Growth Capital has USD 1.8 billion under
and has offices in New York, Stockholm and Palo Alto. Investor Growth
Capital is an active investor in companies within the technology and
health care sector in North America and Europe. Investor Growth Capital
has the knowledge that is required to invest in companies' different
development phases. Investments are made both in unlisted companies and
through privately negotiated investments in listed companies.
For more information: http://www.investorab.com
About Arctic Ventures:
Arctic Ventures supplies expansion capital for unique Internet and wireless related companies. Arctic Ventures has 30 MUSD under management
in its fund and has offices in Stockholm and Helsinki. Partners in
are Ragnar Thorisson, Simon Hallqvist, Robert Ahldin, Peter Ahldin and
Skuli Mogensen, CEO of Oz.com. Arctic Ventures has e.g. invested in
C-Technologies, Tradedoubler, Infocandy and Akumiitti.
For more information: http://www.arcticventures.com
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