Series C Funding for Mimeo Led by Draper Fisher Jurvetson, $6.5 Million
Press release from the issuing company
Convenience, Quality and Cost Savings Lead to Customer Growth and Investment
June 27, 2002 (NEW YORK) Mimeo, the leading provider of technology-based document printing solutions, announced today the successful closing of a $6.5 million Series C round of financing. Draper Fisher Jurvetson of Redwood City, Calif., led the round with participation from Hewlett-Packard and New York City based Draper Fisher Jurvetson Gotham. This brings Mimeo‚s total funding to $40 million.
"Mimeo has made fantastic progress in the last nine months," says Andreas Stavropoulos, Director at DFJ. "We are convinced, as evidenced by our continued investment, that Mimeo will revolutionize and dominate the online print services market."
With the Mimeo service, documents can be professionally printed, bound, packaged and shipped overnight. Even complex printing projects requiring tabs, multiple source documents or originating software, mixes of color and black and white and other special features can be conveniently and cost effectively produced with Mimeo.
Over 300 Fortune 2000 companies have selected Mimeo as their on demand print service provider. Mimeo‚s growing customer base includes Hewlett-Packard (HPQ), Siemens Corporation (SI), JD Edwards (JDEC), and TD Waterhouse.
"Corporate training departments are an excellent example of the effective use of the Mimeo service," says John Lyons, CEO of Mimeo. "These professionals particularly appreciate the convenience of on-line proofs, easy re-ordering from their personal digital storage library and the ability to customize packages for each training need."
Sales departments, marketing departments, and other functions in need of the highest quality documents in a fast turnaround and secure environment are areas of first adoption for Mimeo services, according to Lyons.
"The additional capital investment in Mimeo is a sign of our success," Lyons added. "We have exceeded our financial objectives, grown revenues substantially, attracted new customers and continued to expand our active customer base. Our customers count on Mimeo for cost-savings, high quality and ease-of-use."
Mimeo represents a new paradigm for the printing and distribution of important business documents and other printed materials. Mimeo is the leading provider of on demand print services. Its patent-pending technology allows customers to transfer complex documents via the Internet and easily configure them on the Web for printing, binding and next day delivery up until 10pm EST the night before. At the core of Mimeo‚s solution is ExactPrint Software, which allows users to efficiently and securely print and distribute high-quality business documents such as presentations and reports. Headquartered in New York City with a centralized production facility adjacent to the FedEx (FDX) hub in Memphis, Mimeo has successfully printed tens of millions of pages, and delivered hundreds of thousands of high-quality documents for Fortune 2000 companies. With a Customer Care group available 24/7, Mimeo makes the print order and fulfillment process easy to use, convenient, cost-efficient and overall, a powerful productivity solution. Visit Mimeo.com for more information.
About Draper Fisher Jurvetson Ventures:
Draper Fisher Jurvetson is the leading early-stage information technology venture capital firm. Headquartered in Redwood City, CA, Draper Fisher Jurvetson manages over $2 billion in committed capital and has developed a large network of highly successful Internet portfolio companies. Draper Fisher Jurvetson pursues a people/market/technology approach to venture capital investing, funding entrepreneurs with the energy, vision, experience and desire to build great companies. www.dfj.com
About Draper Fisher Jurvetson Gotham Ventures:
Draper Fisher Jurvetson Gotham Ventures Fund, L.P. is an early-stage information technology venture capital firm with approximately $100 million of capital under management, focused on investment opportunities in New York and the surrounding regions. The fund is managed by Ross H. Goldstein and Daniel J. Schultz and is an affiliate fund of Draper Fisher Jurvetson, a leading venture capital firm in Silicon Valley. Draper Fisher Jurvetson Gotham's portfolio companies include Lumeta, Mimeo, Magnolia Broadband, NanoOpto, Quantiva, Q-Link, LiveAdvice, XOsoft, and OmniHub. www.dfjgotham.com
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.