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Mimeo.com Closes $9 Million in Funding

Tuesday, April 19, 2005

Press release from the issuing company

New York, (April 19, 2005) – Mimeo.com, Inc., the leading online provider of Documents On Demand, today announced it closed a series E round of equity and debt financing totaling $9 million. Equity investments totaled $5.8 million, led by HarbourVest Partners, LLC, followed by Draper Fisher Jurvetson, Draper Fisher Jurvetson Gotham and additional private investors. GE Commercial Finance Technology Lending provided $3.2 million in debt financing. Today's funding announcement brings Mimeo.com's total funding to date to over $50 million in debt and equity financing. Mimeo.com will use the new funding to expand its nationwide sales force and continue growing large corporate accounts that benefit from using online services to create, print and distribute their critical business documents. "Since its inception, the company's revolutionary technology and document production SuperHub have transformed the way people print documents," said Peter Lipson, Vice President, HarbourVest Partners, LLC. "Its intuitive interface and on demand offering make Mimeo.com the easiest way to "build" and order professionally printed, bound documents for delivery as early as the next morning, within minutes of an individual's first visit to www.mimeo.com." "Business is booming," said John Delbridge, CEO of Mimeo.com. "We are light years ahead of the competition due to our Document SuperHub and other patented technologies we introduced in 2000. We are profitable and continue to experience record-breaking revenue, quarter after quarter. The new funding plays a critical role in staying well ahead of the competition with the innovative and convenient document services that our ever-growing customer base has learned to expect from Mimeo.com." Currently Mimeo.com provides services to thousands of businesses, including 800 enterprise accounts like Blackboard, Charter One Financial, CitiGroup, Hewlett-Packard, jetBlue, Perot Systems, Pfizer, Siemens Medical, and TD Waterhouse. Within those organizations, Mimeo.com customers span a broad spectrum of departments and functional areas, including Training/HR to Sales/Marketing professionals, from RFP Response Teams to Meeting/Event Planners and Product Marketing specialists. Customers use expert services from Mimeo.com to streamline the document production lifecycle, which enables them to focus on activities with more strategic value. Key to its success is the "Document Superhub" model that Mimeo.com pioneered as a critical complement to its technology. To leverage that technology, Mimeo.com focuses on a single, highly automated facility to automate the "last mile" of the document lifecycle for its customers: from file creation, customization, digital archiving and document sharing, through print production, assembly and final-destination delivery of finished documents. This central facility is linked to customers through an Internet browser, so customers can instantly create and order documents on demand, right from their PC, without messy software installations, printing equipment, or costly maintenance fees. The Document SuperHub method and evolved technology infrastructure trumps competitive "first generation" On Demand Print Services that require users to upload or e-mail files to be printed at their nearby copy center, but offer little in the way of enhanced services, such as digital libraries and document sharing among work groups. With several generations of development since its initial offering, Mimeo.com's pay-as-you-go services have become more intuitive and more enterprise-friendly, and they remain instantly available, with no extensive software deployment schedules. Customers enjoy higher quality documents, markedly improved workflows, and significantly increased visibility and control of document production activities, by individuals and organizational units.

 

 

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