Four51 Closes $1.45 Million in New Financing; Company to Leverage Funding For Market Expansion Initiatives

Apr 16, 2001, 01:00 ET from Four51, Inc.

    MINNEAPOLIS, April 16 /PRNewswire/ -- Four51, Inc. announced today that
 the company has completed a $1.45 million financing round.  This is the
 company's second round of financing, and comes from the same investors
 responsible for Four51's previous round of $3.5 million.  In addition, Space
 Center Ventures, a Twin Cities-based venture capital firm, has joined as a new
 investor.
     According to Rich Landa, Four51's CEO and co-founder, this round of
 financing is incremental and designed to bridge the company to profitability
 by the fourth quarter of 2001.  Four51 also will use this financing to fund
 market expansion efforts.
     "We're unique because we've raised a small amount of capital relative to
 other higher-profile players in the e-procurement business," Landa said.  "Our
 approach has been to raise only as much investment capital as we need to build
 a strong business.  To a large extent, our need for capital has been offset by
 our revenue generation."
    Four51's existing investors including New York-based Five Points Capital,
 United Capital Group, Dallas-based Bray Family Trust, Menlo Park, Calif.-based
 Rembrandt Venture Partners and San Francisco-based RS Investment Management
 are each participating in this current investment round.
     "Four51 has made great progress in the 12 months since closing our first
 round," said Paul McNulty, Four51 director and managing partner of Five Points
 Capital.  "The company continues to grow, generating great traction, strong
 revenues, new customer relationships, and establishing strategic partnerships
 with leading industry players.  With its results, this round of financing is
 designed to help Four51 reach near-term profitability and long-term
 viability."
     According to Landa, "With the continued support of our current investors,
 we're able to focus all of our efforts on the task at hand -- building a
 business to support the needs of our customers and the markets they serve.
 We're in this for the long-haul, and we're focusing on building a significant
 customer base and a solid reputation in the market."
 
     About Four51
     Four51 is a Minneapolis-based e-procurement provider serving the print
 materials market.  Four51 enables mid-market businesses with an e-procurement
 network linking print materials buyers with their distributors and suppliers.
 Delivered via subscription, Four51's e-procurement network standardizes the
 highly variable purchasing process and promotes efficiency and significant
 cost reduction for its subscribers.
 
 

SOURCE Four51, Inc.
    MINNEAPOLIS, April 16 /PRNewswire/ -- Four51, Inc. announced today that
 the company has completed a $1.45 million financing round.  This is the
 company's second round of financing, and comes from the same investors
 responsible for Four51's previous round of $3.5 million.  In addition, Space
 Center Ventures, a Twin Cities-based venture capital firm, has joined as a new
 investor.
     According to Rich Landa, Four51's CEO and co-founder, this round of
 financing is incremental and designed to bridge the company to profitability
 by the fourth quarter of 2001.  Four51 also will use this financing to fund
 market expansion efforts.
     "We're unique because we've raised a small amount of capital relative to
 other higher-profile players in the e-procurement business," Landa said.  "Our
 approach has been to raise only as much investment capital as we need to build
 a strong business.  To a large extent, our need for capital has been offset by
 our revenue generation."
    Four51's existing investors including New York-based Five Points Capital,
 United Capital Group, Dallas-based Bray Family Trust, Menlo Park, Calif.-based
 Rembrandt Venture Partners and San Francisco-based RS Investment Management
 are each participating in this current investment round.
     "Four51 has made great progress in the 12 months since closing our first
 round," said Paul McNulty, Four51 director and managing partner of Five Points
 Capital.  "The company continues to grow, generating great traction, strong
 revenues, new customer relationships, and establishing strategic partnerships
 with leading industry players.  With its results, this round of financing is
 designed to help Four51 reach near-term profitability and long-term
 viability."
     According to Landa, "With the continued support of our current investors,
 we're able to focus all of our efforts on the task at hand -- building a
 business to support the needs of our customers and the markets they serve.
 We're in this for the long-haul, and we're focusing on building a significant
 customer base and a solid reputation in the market."
 
     About Four51
     Four51 is a Minneapolis-based e-procurement provider serving the print
 materials market.  Four51 enables mid-market businesses with an e-procurement
 network linking print materials buyers with their distributors and suppliers.
 Delivered via subscription, Four51's e-procurement network standardizes the
 highly variable purchasing process and promotes efficiency and significant
 cost reduction for its subscribers.
 
 SOURCE  Four51, Inc.