Mimeo Closes $5.5 Million Financing Round
Thursday, July 10, 2003
July 9, 2003 -- Mimeo, Inc., the leading provider of web-based, on-demand digital printing and distribution, has finalized a financing round in the amount of $5.5 million with new and existing investors. HarbourVest Partners, LLC led this fourth up-round. Existing investors and insiders including Draper Fisher Jurvetson (DFJ) and Draper Fisher Jurvetson Gotham, the New York network affiliate fund of DFJ, contributed to the remainder of the round. Mimeo has raised a total of $45.5 million in capital investment since 2000, and will use the proceeds from the new round to accelerate growth and expansion. "Our ability to attract additional financing further validates the success of the Mimeo product as well as our business path toward sustained profitability. We are enormously pleased with the response and the support from premier firms like HarbourVest and DFJ," said John Lyons, CEO of Mimeo. "Mimeo has enjoyed tremendous customer and revenue growth in the past 18 months by providing an easy-to-use, high-quality on-demand print and distribution solution for business customers worldwide." Mimeo allows customers to print directly to Mimeo's color and black-and-white high-speed digital printers from the most commonly used software applications. Mimeo's proprietary system is built on three key components: technology, the Internet and a state-of-the-art print facility. The core of the patented Mimeo system is its proprietary "ExactPrint" technology. By installing Mimeo's print driver on any Windows-enabled desktop, a user can transmit files to Mimeo accurately and securely via the Internet. This gives a user the ability to print with the simplicity and comfort offered by the File/Print command found in most desktop software. Complex tasks such as collating, tabs, binding and covers are easily accomplished in the customer's web browser. Since customers access the Mimeo system over the Internet through their web browser, virtually all of the technology and programming behind the services is on Mimeo's servers, not on the customer's. This ASP model means the customer avoids all costs associated with installing and maintaining a system. Mimeo also enables businesses to store their documents digitally and securely, on Mimeo's servers. The final step in Mimeo's system is its world-class document production facility located in Memphis, Tenn., adjacent to the runway of FedEx's North American hub and United Parcel Service's Memphis shipping hub. Mimeo's centralized production facility features the latest in digital printing technology. Documents can be submitted as late as 10 p.m. for printing and delivery to multiple locations anywhere in North America by the next morning.