WebCollage, the leader in e-Business partnership solutions, today announced that the company has completed $16 million in first round venture funding. Leading international technology investment firms Sierra Ventures, Gilde IT Fund and Cedar Fund participated in this round of financing. The capital will be used to fuel the development and market adoption of WebCollage's e-Services syndication solution and establish its Syndicator(TM) as the de facto solution for Web Partnerships. Sierra Ventures General Partner Steve Williams has also joined the company's Board of Directors. This first round funding follows successful seed round funding from Cedar Fund that helped establish the company and develop the proven syndication technology over the past year. Impressed with WebCollage's progress, the Israeli based Cedar Fund has now doubled its total investment in the company.
``This latest round of financing, combined with the enthusiastic response we have received from customers that have already deployed our technology gives us tremendous confidence as we move forward and help businesses extend their online reach and presence,'' said Eli Singer, CEO of WebCollage. ``The international scope and experience of our investors and the addition of Steve Williams to our Board of Directors, with his unique blend of operational and investment expertise, will prove invaluable as we bring our solution to an even broader range of customers.''
The company's award-winning WebCollage Syndicator is a comprehensive software solution that enables e-Businesses to package Web based applications as e-Services, distributing them to multiple ``host'' partner sites and greatly extending their Web presence while maintaining direct contact with users. Hosting partners can finally offer the user a true ``one-stop'' web experience by having the e-Services dynamically fused into their Web site, no longer forcing the user out of their site to interact with applications. With WebCollage syndication e-Businesses can experience an immediate return on their partnerships, maintain the user ``stickiness'' to the web site, ensure brand recognition, broaden their market penetration and generate additional revenues without redesigning or rebuilding web sites, spending money on costly banner advertisements or taking months to work out the logistics of co-development deals.
``Online businesses are looking for ways to broaden their reach and generate additional revenues and WebCollage will be the catalyst to revolutionize e-Service partnering over the web,'' said Steve Williams, general partner at Sierra Ventures. ``WebCollage's innovative product, strong management team, and solid business model will allow them to capitalize on this and meet the growing demand. Our investment will allow WebCollage to execute on its strategy and maximize its long term valuation.''
As one of Europe's largest and most successful venture capital funds Gilde IT Fund will prove invaluable as WebCollage branches out of the U.S. and into other international markets. Gilde's longstanding track-record in building leading international IT enterprises will strengthen WebCollage's presence and ability to execute in a global economy.
``WebCollage has enormous potential to contribute to e-Businesses and establish the only way for e-Businesses to conduct successful partnerships via the Web,'' said Toon den Heijer, General Partner at Gilde IT Fund. ``Our support of WebCollage reflects our belief that the company is the leader in e-Partnering with their proven application syndication solutions.''
Published by Israel's Business Arena on November 6, 2000.