Extra £5 million in VC funding allows an increase in the pace of product development and expansion for Projectplace Monday 19 February 2001 PDF Print Second round of financing secured London, February 19 2001 - Projectplace International AB, the leading ASP 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 venture 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 AB) and Arctic Ventures, have also invested in the second round of financing. The investors in the second round financing also have an option to invest 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 significantly strengthen our expansion possibilities. We have during 2000 been very successful in gaining new customers and increasing revenues, and with the 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 we 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 time 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 and 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 this, 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 the service in order to add more value for the users through implementation of new features. Carnegie was the exclusive financial advisor to Projectplace in this second financing round. About Projectplace: Based in Stockholm, Projectplace was founded in January 1998 by a group of research engineers. In 1997 the founders attracted international attention when they launched the world's first pay-per-use project collaboration service with integrated secure Internet credit card payments. Projectplace provides professional Web-based project collaboration services by means of shared "Project Places". These enable easy collaboration and communication between geographically dispersed and cross-organizational project teams. A Project Place is designed to be used by anyone involved in a project at any time throughout the entire lifecycle of the project. The open, standards-based architecture of Project Places is the ideal complement to popular CAD, document management, and traditional project management software. 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 Press contacts: Chris Netto/Nicola Alvey, eclat Marketing +44 1628 400900 Chris/Nicola@eclat.co.uk About i2i venture: i2i venture was established in June 2000 by Adcore, Skandia Investment and Ole Oftedal. The idea was to profit from the number of investment proposals coming out of Adcore's international consultancy. i2i venture is based in Sweden and it primarily has a Nordic view when investing. i2i venture works closely with Adcore in the technology and business potential evaluation of investment opportunities. Adcore's 1,800 employees in 13 countries will also be able to assist i2i in its international expansion. 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. i2i 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 About Woodbridge/Thomson: 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 had revenues of USD 5.8 billion and 36,000 employees worldwide. Woodbridge has a long tradition as an investor and with a large presence in North America. For more information: http://www.thomson.com Investor AB: 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 assets 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 management 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 Arctic 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 This press release was distributed by ResponseSource Press Release Wire on behalf of eclat Marketing in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.