dmslush
<font color="navy">If you don't let your dog poop
- Joined
- Oct 18, 2000
- Messages
- 5,398
The bad word site that said rumor had it gc.com was shutting down posted this article, so hopefully they will be around long enough for us all to get some more RFC, Olive Garden, etc..
GiftCertificates.com Raises $21.7-Million Round Five
CARLSTADT, N.J. (VENTUREWIRE) -- GiftCertificates.com, a provider of gift certificates and related services for corporate customers and consumers, said it has secured a $21.7-million fifth round of funding, including a $7.5-million line of credit from Imperial Bank. Mellon Ventures, Barron Private Equity, Gotham Partners, SCP Private Equity, and the venture arm of insurance firm WR Berkley provided equity. Previous investor Mellon Ventures led the round. WR Berkley's venture unit was the only new investor in the round, which remains open. A representative from WR Berkley will take the seventh seat on the company's board of directors. CEO Michael Ahern said there is one open seat remaining that will go to an independent. The company said it will use the new capital to support general operating expenses, including inventory financing, additional technology investments, marketing, and to grow its sales force. In January GiftCertificates.com announced it had laid off 70 employees, a little more than 20% of its total staff, as part of a restructuring initiative. At that time the company also closed its New York headquarters, relocating that staff to an existing office in Carlstadt, N.J. GiftCertificates.com also has offices in Omaha, Neb. and Seattle. Late last year, the company pulled its IPO citing poor market conditions. While the company started out as a business to consumer site, Mr. Ahern said more than half the company's business now comes from corporate sales. "One of the most fundamental changes [the company made] was to use successful corporate marketing to bring back consumers to our site, rather than spend millions on advertising to consumers." Mr. Ahern said GiftCertificates.com, which has raised approximately $110 million to date, will not seek another round and expects enough revenue to sustain operations by the end of the year. The company is also backed by Glencarron Investment, Greenlight Capital, Hilal Capital Associates, the Pilgrim Baxter Hybrid Partners, and Triumph Partners.
GiftCertificates.com Raises $21.7-Million Round Five
CARLSTADT, N.J. (VENTUREWIRE) -- GiftCertificates.com, a provider of gift certificates and related services for corporate customers and consumers, said it has secured a $21.7-million fifth round of funding, including a $7.5-million line of credit from Imperial Bank. Mellon Ventures, Barron Private Equity, Gotham Partners, SCP Private Equity, and the venture arm of insurance firm WR Berkley provided equity. Previous investor Mellon Ventures led the round. WR Berkley's venture unit was the only new investor in the round, which remains open. A representative from WR Berkley will take the seventh seat on the company's board of directors. CEO Michael Ahern said there is one open seat remaining that will go to an independent. The company said it will use the new capital to support general operating expenses, including inventory financing, additional technology investments, marketing, and to grow its sales force. In January GiftCertificates.com announced it had laid off 70 employees, a little more than 20% of its total staff, as part of a restructuring initiative. At that time the company also closed its New York headquarters, relocating that staff to an existing office in Carlstadt, N.J. GiftCertificates.com also has offices in Omaha, Neb. and Seattle. Late last year, the company pulled its IPO citing poor market conditions. While the company started out as a business to consumer site, Mr. Ahern said more than half the company's business now comes from corporate sales. "One of the most fundamental changes [the company made] was to use successful corporate marketing to bring back consumers to our site, rather than spend millions on advertising to consumers." Mr. Ahern said GiftCertificates.com, which has raised approximately $110 million to date, will not seek another round and expects enough revenue to sustain operations by the end of the year. The company is also backed by Glencarron Investment, Greenlight Capital, Hilal Capital Associates, the Pilgrim Baxter Hybrid Partners, and Triumph Partners.
