Bizfinity(TM) Secures Additional $9 Million in 'C' Round Funding

Company Backed by Major VCs Including New Enterprise Associates



Apr 16, 2001, 01:00 ET from Bizfinity, Inc.

    CUPERTINO, Calif., April 16 /PRNewswire/ -- Bizfinity(TM), Inc., an
 Application Service Provider (ASP) of fully-hosted, Web-based e-commerce
 solutions for small businesses, today announced the successful completion of
 $9 million in venture capital funding, the majority from New Enterprise
 Associates (NEA).  Other VCs include Dali Hook Partners, Labrador Ventures and
 Angel Investors.
    "At this time of a slowdown in funding of dot coms, it's a real confidence
 boost for Bizfinity to secure another round of funding from traditional
 venture capital firms," said Ronald Brown, CEO, Bizfinity. "With today's
 announcement of our Business Synchronization platform, our company is well
 poised to continue to offer small businesses enterprise-level applications and
 the ability to generate incremental online revenue with the industry's leading
 platform in terms of completeness, sophistication and affordability."
     Business Synchronization seamlessly weaves together a business's off-line
 and on-line presence by synchronizing the interaction between three critical
 sets of data:  customers, suppliers and product information. It's made
 possible through a system designed from the outset to integrate every aspect
 of a company's sales, purchases and operations automating these transactions
 and freeing up business owners to strategically drive their business.
 
     Editor's Note: Please see Press Release "Bizfinity Announces Next
 Generation E-Commerce Platform for Small Business" for further details.
 
     "We believe Bizfinity has a tremendous opportunity to help small
 businesses conduct e-commerce and automate their operations. The Bizfinity
 platform was unique when we original funded the company and has been improved
 substantially since then. Our current fund investment reflects our enthusiasm
 for Bizfinity's progress and potential," said Scott Sandell, general partner,
 NEA.
 
     About Bizfinity, Inc.
     Bizfinity, Inc., is an Application Service Provider (ASP) that provides a
 Business Synchronization Platform for small and growing businesses.
 Bizfinity's built-for-the-Web e-business suite was designed by a core team who
 introduced integrated business and financial applications for small business
 in the early 1990s, and leverages extensive experience with small business in
 the US and internationally. Based in Cupertino, California, Bizfinity's hosted
 suite of applications enables businesses to create and manage a Web store
 seamlessly linked with online Auctions tied to a Workflow Manager providing
 online and offline inquiry and order management, inventory control, customer
 management and accounting. Bizfinity, awarded the Gold E-Commerce Award in
 Home Office Computing's annual survey, leverages the Internet's 24/7/365
 accessibility to manage a company's back office automatically, in real time,
 from anywhere in the world. Bizfinity sells its services directly and through
 partnerships with companies such as InfoSpace and Intershop. Bizfinity's
 venture investors include New Enterprise Associates (NEA), Dali Hook Partners,
 Labrador Ventures and Angel Investors. For more information, visit
 www.bizfinity.com.
 
     About New Enterprise Associates
     Founded in 1978, New Enterprise Association (NEA) has grown to ten
 partnerships managing $4.8 billion of capital. NEA is a classic venture
 capital investment firm, concentrating on early stage companies in a broad
 spectrum of technology sectors, medical and life sciences. NEA typically
 invests in 20 to 30 new companies each year, with its first investment as
 little as $100,000 or up to $15 million, typically followed by support through
 multiple rounds of financing.
 
 

SOURCE Bizfinity, Inc.
    CUPERTINO, Calif., April 16 /PRNewswire/ -- Bizfinity(TM), Inc., an
 Application Service Provider (ASP) of fully-hosted, Web-based e-commerce
 solutions for small businesses, today announced the successful completion of
 $9 million in venture capital funding, the majority from New Enterprise
 Associates (NEA).  Other VCs include Dali Hook Partners, Labrador Ventures and
 Angel Investors.
    "At this time of a slowdown in funding of dot coms, it's a real confidence
 boost for Bizfinity to secure another round of funding from traditional
 venture capital firms," said Ronald Brown, CEO, Bizfinity. "With today's
 announcement of our Business Synchronization platform, our company is well
 poised to continue to offer small businesses enterprise-level applications and
 the ability to generate incremental online revenue with the industry's leading
 platform in terms of completeness, sophistication and affordability."
     Business Synchronization seamlessly weaves together a business's off-line
 and on-line presence by synchronizing the interaction between three critical
 sets of data:  customers, suppliers and product information. It's made
 possible through a system designed from the outset to integrate every aspect
 of a company's sales, purchases and operations automating these transactions
 and freeing up business owners to strategically drive their business.
 
     Editor's Note: Please see Press Release "Bizfinity Announces Next
 Generation E-Commerce Platform for Small Business" for further details.
 
     "We believe Bizfinity has a tremendous opportunity to help small
 businesses conduct e-commerce and automate their operations. The Bizfinity
 platform was unique when we original funded the company and has been improved
 substantially since then. Our current fund investment reflects our enthusiasm
 for Bizfinity's progress and potential," said Scott Sandell, general partner,
 NEA.
 
     About Bizfinity, Inc.
     Bizfinity, Inc., is an Application Service Provider (ASP) that provides a
 Business Synchronization Platform for small and growing businesses.
 Bizfinity's built-for-the-Web e-business suite was designed by a core team who
 introduced integrated business and financial applications for small business
 in the early 1990s, and leverages extensive experience with small business in
 the US and internationally. Based in Cupertino, California, Bizfinity's hosted
 suite of applications enables businesses to create and manage a Web store
 seamlessly linked with online Auctions tied to a Workflow Manager providing
 online and offline inquiry and order management, inventory control, customer
 management and accounting. Bizfinity, awarded the Gold E-Commerce Award in
 Home Office Computing's annual survey, leverages the Internet's 24/7/365
 accessibility to manage a company's back office automatically, in real time,
 from anywhere in the world. Bizfinity sells its services directly and through
 partnerships with companies such as InfoSpace and Intershop. Bizfinity's
 venture investors include New Enterprise Associates (NEA), Dali Hook Partners,
 Labrador Ventures and Angel Investors. For more information, visit
 www.bizfinity.com.
 
     About New Enterprise Associates
     Founded in 1978, New Enterprise Association (NEA) has grown to ten
 partnerships managing $4.8 billion of capital. NEA is a classic venture
 capital investment firm, concentrating on early stage companies in a broad
 spectrum of technology sectors, medical and life sciences. NEA typically
 invests in 20 to 30 new companies each year, with its first investment as
 little as $100,000 or up to $15 million, typically followed by support through
 multiple rounds of financing.
 
 SOURCE  Bizfinity, Inc.