US$15m valuation for British Internet company set to change the calendaring habits of Web users
on board info, the pioneering London-based Internet company focused on electronic calendar enhancement and related e-commerce, has secured around US$3m capital from a syndicate led by Interregnum, the technology investment house, and which includes previous first round investors: the Nat West IT Fund and Cambridge Research and Innovation Ltd.
The capital will be used to progress the development of on board info's latest, previously unannounced, product due to launch in Autumn 2000. Building on on board info's existing eCalendar Companion technology, this new development will enable users to get date-related content from their favourite sites straight into their electronic calendar. Web site owners will then be able to communicate with these users with relevant, permission-based, messages such as special offers or updates to specific events.
Ray Eitel-Porter, Chief Executive Officer, on board info, said: "With over three years" experience in the electronic calendar space, on board info is well positioned to take advantage of the proliferation of mobile technology and the Internet. This new backing gives us the capital to accelerate development of the next generation of on board info calendaring tools, and ultimately launch a product that is free to end users but underpinned by a strong business-to-business revenue model."
Adrian Merryman, Chief Investment Officer, Interregnum, (http://www.interregnum.com) added: "Interregnum has been working with on board info as a venture marketing client since February 1999, helping to build the business and develop the augmented strategy for which this investment is being made. We are delighted that, since our flotation, we're in a position to back world-class technology ventures with our financial as well as intellectual capital."
In addition to product development, this second round of funding enables on board info to continue to strengthen its team. The full-time team has more than doubled to over 20 since the start of 2000 alone, adding key sales and marketing functions to boost the crucial partner acquisition and user uptake drives.
Notes to Editors:
1. Ray Eitel-Porter founded on board info in 1996 and succeeded in bringing to market a range of software for the emergent handheld and mobile computing markets. The most successful was the eCalendar Companion range targeting business professionals who value the ability to personalise their calendar with dates and information which match their business and personal interests.
2. In July 1999, on board info secured over US$1,000,000 development capital to grow the number of premium content partners and to integrate e-commerce services in the next wave of product enhancements.
3. Interregnum is a pioneering IT venture marketeer and investor working with high potential IT entrepreneurs to develop, resource and implement value building strategies and to 'transform technology into wealth'. Interregnum currently has a portfolio of 27 IT and IT-related investments.
4.Interregnum provides services under two main categories:
Intellectual Capital
Venture Marketing: working as non-executive directors with high-potential IT companies to develop, fund and implement aggressive business strategies, in order to increase realisable market value and create wealth;
Research & Consulting: working with both innovators and investors on specific projects where the critical analysis or development of strategies is involved;
Mergers & Acquisitions: helps the parties involved in M&A transactions to understand and justify the unique value attributable to IT companies.
Financial Capital
Venture Capital: co-investing with institutional and private investors.
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