'Project Napa,' Stealth Silicon Valley Startup, Raises Seed Funding

May 02, 2000, 01:00 ET from Project Napa, Inc.

    SUNNYVALE, Calif., May 2 /PRNewswire/ -- Project Napa, a stealth Silicon
 Valley Internet startup, announced today that it has closed on a $1.3 million
 seed round of financing from a group of venture capitalists and private
 investors.  Venture capital firms The Argentum Group and Crimson Venture
 Partners LLC co-led the round.
     "We're big believers that Project Napa's concept will revolutionize the
 content model on the Internet," says Walter Barandiaran, Managing Partner at
 The Argentum Group.  "But we're backing more than a great concept, we're
 backing a stellar team."
     Still in stealth mode, Project Napa aims to transform the way content is
 distributed, searched and consumed today. Project Napa will bring users and
 content providers together on a unique platform that makes access to such
 content painless.
     Project Napa was founded and is led by a team of successful,
 second-generation netpreneurs.  "Head Grape" Brian Shin, Vice President of
 Technology at Medsite.com, a leading eHealth company, is an Internet veteran
 of several successful startups.  Brian co-founded enterprise CRM vendor
 Cambridge Intelligence Agency, which was acquired by MSGi and merged with CMG
 Direct, the original CMGi company, to form WiredEmpire.  He was also
 co-founder and Chief Information Officer of CreativeAspect, which was acquired
 by Medsite.com.  Before that, he was with Allaire Corporation.
      -- "Product Connoisseur" Terence Pua was the founder and CEO of
 justquotes.com, an investment research portal.  Following StockMaster.com's
 acquisition of justquotes.com, Terence was responsible as General Manager for
 new product development in the financial services space.
     -- "Engineering Connoisseur" Allen Chen was formerly a Product Manager at
 StockMaster.com.  Prior to StockMaster.com, Allen was a core member of Sun
 Microsystems and IBM's JavaOS engineering team.
     -- "Business Development Connoisseur" Charles Woo was formerly with
 Send.com in business development and recently withdrew from Harvard Business
 School to co-found Project Napa. Prior to Send.com, Charlie was a private
 equity  executive at Thomas H. Lee Company and an investment banker at Morgan
     About Project Napa
     Based in Sunnyvale, Calif., Project Napa is a pre-launch,
 second-generation Internet company.  Project Napa was founded in
 March 2000 and has been selected as a leading participant in the IBM-Conxion
 DotCom Incubator Program. Project Napa is located on the World Wide Web at
 http://www.projectnapa.com .
     About The Argentum Group
     The Argentum Group (Argentum), founded in 1987, is a New York-based
 venture capital firm that provides capital to emerging growth companies for
 development, growth, and acquisition.  Argentum is General Partner for four
 investment funds, which have invested in over 115 companies in a broad range
 of market sectors including eBusiness, new media & communications, Internet
 infrastructure, software, business services, and outsourced industrial
 services.  Argentum generally invests between $5 million and $10 million in
 each of its portfolio companies.
      Representative investments include Applied Data Systems, Inc., The Cobalt
 Group, Inc., Digital Club Network, Inc., Dynamic Mobile Data Systems, Inc.,
 Global Commerce Systems, Inc., HorizonLive.com, Inc., KnitMedia, Inc., M3
 Technologies, Inc., Medsite.com, Inc., NuCo2, Inc., Omnipoint Corporation
 (acquired by VoiceStream,) Security Dynamics Technologies, Inc. (merged with
 RSA Security, Inc.,) ShopNow.com, Inc., TRADEX Technologies, Inc. (acquired by
 Ariba, Inc.,) Tut Systems, Inc., and XMLSolutions Corporation.
     About Crimson Venture Partners LLC
     Crimson Venture Partners (CVP) is an angel investment fund focused on seed
 stage opportunities at the Harvard Business School.  CVP's limited partners
 include J. H. Whitney & Co., a $5.0 billion private investment firm based out
 of Stamford, Connecticut.  CVP is an active investor in the communications,
 Internet and technology sectors.
     CONTACT:  Charles Woo, Business Development Connoisseur of Project Napa,
 Inc., 408-835-5528, or fax, 408-725-0364, or charlie@projectnapa.com .
     This release was issued through DigitalWork.com -- Your Business Workshop.
 More information on DigitalWork.com may be found at http://www.digitalwork.com

SOURCE Project Napa, Inc.