Despite Tight Capital Markets, Sprockets Secures $4.2 Million in Series B Financing
Press release from the issuing company
Boston, Massachusetts - July 23, 2001 - Sprockets, the collaborative software solutions provider to the marketing and advertising value chain, announced today that it raised $4.2 million in its recently completed series B financing round. The investors were Egan-Managed Capital, Mid-Atlantic Venture Funds, Massachusetts Technology Development Corporation, Hickory Venture Group, and The Hatch Group, among others.
The investment will finance Sprockets’ continued service expansion, and broaden marketing and sales efforts; in particular allowing the company to better address the needs of larger advertising agencies and corporate marketing departments.
Robert Creeden, General Partner, Egan-Managed Capital, commented "We look for performance against agreed-upon milestones and benchmarks when we commit follow-on funding. The company has demonstrated the validity of the Sprockets model to its customers and to us. This represents a re-commitment to the business as much as an investment in the larger business opportunity."
Sprockets provides a range of solutions including project management, collaboration, file sharing and delivery, and electronic press kit distribution to corporate marketing groups, ad agencies, production partners and publishers.
Patrick White, Sprockets’ Founder and President, added, "We are proud to continue to attract capital in a very challenging financing environment. Sprockets is focused on providing a platform of high-value solutions that allow senior marketing managers to apply next-generation collaboration tools to improve coordination across their entire marketing communications process, from planning, to advertising, public relations, events/show management, and promotions, as well as coordinate activities between headquarters and subsidiaries, channels and licensees. For agencies, our goal is straightforward: We want to help you apply solutions that improve management and coordination to win new business and keep the business you have."
Sprockets offers a secure, scaleable, Web Collaboration Platform to help media professionals harness the potential of the Internet to coordinate internal and external resources over the entire project life cycle. Sprockets won recognition as a "Hot Pick" by industry authority Seybold Publications. The company is venture-funded and is based in Boston, Massachusetts. Sprockets is located on the Web at www.sprockets.com.
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