Investments by Brook Venture Fund and Venture Capital Fund of New England Enable Texterity to Increase Product Development, Sales and Marketing
SOUTHBOROUGH, Mass.--March 12, 2002-- Texterity, Inc., a leading provider of electronic publishing services, today announces its closing of $2.7 million in Series A financing. The capital enables Texterity to increase investment in technology development and expand its sales and marketing activities. Brook Venture Fund and Venture Capital Fund of New England were the lead investors.
"We are pleased to complete the Series A financing with Brook Venture Fund and VCFNE. Their investments provide a strong endorsement of Texterity's business model and our growing dominance as the electronic publishing outsource provider of choice,'' said Martin Hensel, president of Texterity, Inc. "The funding enables us to continue developing and offering new services, based on our core TextCafe conversion technology. Additionally, Texterity will be able to increase sales and marketing efforts.''
"Brook's investment in Texterity supports our strategy of investing in specific industries, including publishing technologies,'' said Andrew Clapp, partner with Brook Venture Fund. "Texterity's service model enables the company to constantly upgrade the performance of TextCafe, resulting in growing customer satisfaction. We have observed the increased utilization of Texterity's service month after month during the past year, while competitors' solutions have failed to deliver on the market's high expectations.''
Jack Stewart, managing director with VCFNE stated, "Texterity has emerged as the clear leader in the electronic publishing market, with seven of the top ten major US trade publishers using its e-book publishing services. According to customers, Texterity is considered not only a key provider of services, it is an important partner in the development of new and innovative services that enable publishers to increase revenues.''
Texterity offers TextCafe, the largest e-book conversion and logistics service today, and is expanding into additional markets including financial publishing and wireless information delivery. Texterity recently introduced the E-Galley service, which enables publishers to distribute pre-production books to reviewers, bookstores, libraries, and other customers and partners. E-Galley uses eBooks to distribute large volumes of "advance reader'' copies, expanding the preview audience at a considerably lower cost than traditional print methods.
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