WorldCatch Secures $4.2 Million in Funding; Merger With Fishmonger.com Finalized: Investors Approve With Additional Capital
SEATTLE–(BUSINESS WIRE)–Aug. 21, 2000
WorldCatch, the leading online marketplace for the global seafood industry, today announced the closing of $4.2 million in financing.
The financing comes as a result of WorldCatch’s merger with Fishmonger.com in late July. The merger was finalized Aug. 17.
The additional round of financing was led by Mohr, Davidow Ventures, Madrona Venture Group and XMLFund. Each investment group had previously invested in WorldCatch or Fishmonger.com.
“Our investors firmly believe that WorldCatch will be the single most important Internet business destination for the global seafood industry,” said Jim Hilger, CEO of WorldCatch. “We’re fortunate to be associated with the best people in the investment community. Not only have they agreed to support us financially, but their strategic role throughout our merger was invaluable.”
Proceeds from the round will be used to further expand WorldCatch’s global offering. WorldCatch currently has five offices on four continents, with further expansion likely in the next year. WorldCatch is also adding new features to its Web site to further enhance the company’s commerce, content and community offerings to seafood professionals.
The new WorldCatch board will include: Matt McIlwain of Madrona Venture Group; Dave Pool of XML Fund; Erik Straser and Bill Ericson of Mohr, Davidow Ventures; and Tom Poole, David Lancaster and Jim Hilger of WorldCatch.
WorldCatch offers the largest global source for commerce, content and community to the global seafood industry. WorldCatch’s proprietary online marketplace allows buyers and sellers of seafood products to quickly and cost-effectively transact business over the Internet. The site also features real-time industry information including news, market pricing and trend reports written by leading seafood professionals. WorldCatch also offers community features that allow seafood professionals to share information and obtain access to service providers who specialize in shipping, packaging, banking, insurance and credit reporting. The company is headquartered in Seattle with offices in Toronto, Paris, London and Santiago, Chile. For more information, visit www.worldcatch.com.
About Mohr, Davidow Ventures
Mohr, Davidow Ventures (MDV) has built a reputation among entrepreneurs as a partner by taking a hands-on approach to investments and working skillfully to architect and build successful companies. MDV possesses an extended team of experts, including the firm’s partners and an active network of seasoned entrepreneurs. Together, they focus on early-stage investments while bringing years of real-world experience to accelerate each company’s time to market and optimize its long-term success. Companies funded by MDV include Accrue Software, Agile Software, Brocade, Broadbase, ChannelPoint, Critical Path, Numerical Technologies, ONI Systems, Onvia.com, Rambus, Shutterfly, Telocity and Viant. Founded in 1983, MDV has offices on Sand Hill Road, in Menlo Park, Calif., and in Seattle. For more information, visit www.mdv.com.
About Madrona Venture Group
Madrona Venture Group, based in Seattle, is an early-stage investor, focused on the Internet economy in the Northwest. The firm recently closed a $250 million venture fund directed at emerging Internet, software and telecommunication businesses. Some of Madrona’s early-stage investments include Amazon.com, HomeGrocer.com and Nordstrom.com.
XMLFund was formed in 1999 by David Pool to foster the growth of promising companies that use XML Technology (eXtensible Markup Language). It is the worldwide standard for data exchange endorsed by Microsoft, IBM and Oracle. A pioneer in the Internet industry, Pool founded DataChannel in October 1996 to provide a total solution for building an Enterprise Information Portal (EIP) and to unleash the power of the enterprise, enabling the mapping of IT strategy with business objectives. In 1989, he founded SPRY Inc., an Internet software company responsible for Internet In A Box, the world’s first Internet software suite. When CompuServe acquired SPRY in 1995 for $100 million, Pool served as the company’s vice president of strategic development.
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