Autofusion Secures Venture Capital Funding From EmpireVentures Through vcapital Online Financial Exchange
14 September 2000
Autofusion Secures Venture Capital Funding From EmpireVentures Through vcapital Online Financial Exchange
CHICAGO--Sept. 14, 2000--vcapital today announced that Autofusion Corporation closed on a venture capital investment through the vcapital online private capital exchange. Autofusion, the leader in Internet car-buying technology, received funding from Portland, Oregon-based EmpireVentures.EmpireVentures, which plans to participate in subsequent venture capital rounds for Autofusion, has become one of the company's primary strategic advisors. The EmpireVentures Information Technology Fund searches for technology-driven infrastructure companies that can develop into major market leaders.
vcapital, the Web's premier exchange for private capital, facilitated the relationship between Autofusion and EmpireVentures. vcapital enables entrepreneurs and private capital providers to converge and complete private capital transactions in a targeted manner. As the vcapital network of private investors expands - it currently consists of 400 firms representing more than $80 billion in capital under management - vcapital continues to experience success connecting entrepreneurs in search of funding with private investors looking for high-quality investment opportunities.
"Finding the right VC partners for a growing business is an extremely difficult chore, but the vcapital exchange enabled us to easily navigate the process," said Lou Urbano, chief executive officer of Autofusion. "vcapital's extensive contacts within the private capital community enabled us to cultivate a relationship that will provide far more than monetary value as we grow. We look forward to working with vcapital as we seek future rounds of capital."
Autofusion launched its PriceWar service in November 1999 in San Diego and plans to introduce the service in cities around the United States later in 2000. PriceWar gives customers the opportunity to submit a request for new car bids online. Bids are automatically forwarded to participating dealers. Within 24 hours, dealers compete for the buyer's business, offering exact prices and firm delivery dates for desired vehicles. Customers select the bid that best fits their needs and work with the selected dealer to complete the sale.
"vcapital helped us uncover an excellent investment opportunity in Autofusion," said Wade Bradley, managing director for EmpireVentures. "With the ability to outsource its core technology to third party auto dealers, Internet destinations and other car-purchasing services, Autofusion can generate revenue from multiple sources. The company was profitable prior to ever receiving venture funding - clearly a testament to its potential for phenomenal growth."
"The vcapital network functioned quite effectively in making the connection between Autofusion and EmpireVentures," said Len Batterson, chairman and chief executive officer of vcapital. "Through the exchange, we enable entrepreneurs to extend their set of business contacts and resources to reach their goals with efficiency. Simultaneously, we organize the global flow of high-quality investment opportunities, and present them to the private investors so they can quickly uncover deals that match their firm's unique investment criteria."
About Autofusion
Autofusion, headquartered in San Diego, is one of the leading and fastest growing auto information and buying sites on the Web. Autofusion's Web site attracts more than 1.5 million visitors per month and is responsible for more than $2 million in new car sales per day. Autofusion is committed to serving as an objective and independent third-party resource for car buying customers.
About EmpireVentures
EmpireVentures, headquartered in Portland, Oregon, provides early and mid-stage investments and acceleration services to software, Internet and wireless infrastructure business-to-business companies. EmpireVentures selects portfolio companies that it anticipates will become leaders in their respective multi-billion dollar markets. Further information is available at www.empireventures.com
About vcapital
vcapital is the private capital community's only membership-based referral service and information hub for entrepreneurs and private investors. In addition to providing rich content and advice from industry experts to entrepreneurs seeking growth capital, vcapital offers a carefully designed introduction service that refers entrepreneurs with fundable opportunities to appropriate investors, based on specific investment criteria. The unique vcapital referral service provides high-quality deal flow to its member network of 400 professional investors with more than $80 billion in total capital under management.
The vcapital referral service also protects the interests of entrepreneurs by providing comprehensive information about each investment firm, together with the ability to target and control the dissemination of confidential business plans, and results in significant time savings over the traditional process. The patent-pending vcapital process is revolutionizing the way entrepreneurs raise private capital and the way investors source high-quality deals. For more information on vcapital or to become a member of the vcapital investor network, call 888.414.VCAP or visit www.vcapital.com.