Careerminds Receives Venture Capital Funding

WILMINGTON, Del., Sept. 8 /PRNewswire/ -- Careerminds Group, Inc., a North American provider of web-based outplacement and career transition services is pleased to announce it has secured venture capital funding from Innovation Ventures, L.P.

Led by Wilmington, Del.-based Innovation Ventures, the Company had its first closing on an $800,000 Series A round of institutional funding following a yearlong track record of growth in its industry. The Company intends to use the proceeds for sales and marketing development, technology and core-platform enhancements, and general working capital.

"Careerminds is a very innovative and competitive company in the outplacement space," said David Freschman, Managing Principal at Innovation Capital Advisors, LLC. "Its team, products, and strategy are exactly what we look for when we invest in promising and progressive companies. We're impressed by its ability to become revenue positive and profitable at this early stage in its growth. We believe Careerminds has a bright future and we're pleased to be an ally with them as they continue to execute."

"Receiving venture capital within this difficult economy is a milestone for us and we believe is a testament to our sound business model," said Careerminds CEO Raymond Lee. "Going forward, our focus is squarely on providing the most affordable, effective, and convenient outplacement service in the industry and our relationship with Innovation Ventures allows us to move forward rapidly to achieve that goal. We're excited to have Innovation Ventures as our lead investor."

About Innovation Ventures, LLC

Innovation Ventures, L.P. is an SBIC venture capital fund focused on growth and early-stage investments in the areas of chemicals and materials; electronic materials and devices; information technology; nanotechnology; software; biotechnology (excluding human therapeutics); and business information services related to the legal, financial services and manufacturing industries. IV invests in enterprises located primarily on the East Coast, with a particular emphasis on the Mid-Atlantic region—Pennsylvania, Delaware, and New Jersey.

For more information about Innovation Ventures, visit http://www.innovationventures.com.

About Careerminds

Careerminds provides strategic solutions to organizations seeking affordable, web-based outplacement services. Using a Web 2.0 e-learning platform that delivers affordable, online career transition services, Careerminds provides a high-tech and high-touch blend of on-demand career transition education supported by senior-level career consultants to help displaced workers reenter the workforce quickly.

For more information about Careerminds, visit: http://www.careerminds.com.

SOURCE Careerminds Group, Inc.