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  1. #1
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    ebates.com Secures $25 Million in Second Round Venture Capital Funding

    Monday May 8 8:01am
    Source: BusinessWire

    SAN FRANCISCO--(BUSINESS WIRE)--May 8, 2000 --Cash-Back Shopping Portal Receives Commitments From Four Venture Firms to Fund Site Enhancements, Support New Revenue Streams.

    In a hearty vote of confidence in the company and online incentive shopping overall, popular cash-back shopping portal ebates.com announced that it has secured $25 million in second round financing from four prominent venture capital firms.

    Leading the financing round -- the company's second -- are Canaan Partners and August Capital, joined by Foundation Capital and Rembrandt Venture Partners. Foundation Capital provided the company's initial funding round last spring.

    ebates.com also announced that it has named Eric Young of Canaan Partners to its board of directors. Young also serves on the boards of Capstone Turbine Corp., Optical Networks, Inc., Positive Communications, Inc. and Starburst Software Corp.

    "This latest round of funding affirms that our model is strong and sustainable, and that we've achieved the critical mass we were seeking in less than a year's time," said Paul Wasserman, president and CEO, ebates.com.

    "Our new partners will help us to aggressively expand our customer base, our shopping tools and our revenue streams. In addition to serving as the starting point for online shopping -- with all the benefits that entails for merchants and consumers -- we intend to become a powerful medium for advertisers."

    The company serves as a "metamediary," facilitating transactions among merchants, advertisers and consumers. ebates.com is the principal affiliate driver of traffic and transactions for many of its participating merchants.

    Launched in May 1999, ebates.com has garnered 2 million members, leveraging Web merchant affiliate programs to provide cash rebates of up to 25 percent on every transaction executed through the site. ebates.com features more than 300 merchants in 17 categories ranging from sports equipment to fashion to home office supplies and electronics.

    "We look for companies that are poised for rapid growth and can capture the largest portion of an expanding market -- and ebates.com fills the bill," said Young. "We see ebates.com as an increasingly important broker of transactions and provider of information essential to one-to-one marketing. The company's strong first year results prove the incentive shopping concept is a hit with consumers, and that a strong base now exists for the role of metamediary."

    "ebates.com has a compelling story for consumers, merchants and advertisers," said Paul Koontz, Foundation Capital. "ebates.com drives new customers to e-tailers and increases Web shopping overall. It's a win for the shopper, for the e-tailer and, as we flip the switch on ebates.com as an advertising medium, for the industry as a whole." The company has formed a variety of strategic marketing partnerships with such companies as online credit card issuer NextCard, co-branding the ebates.com NextCard Visa; search engine mySimon; and Gator.com, for quick and easy check-out at merchant sites.

    "ebates.com occupies a sweet spot in the Internet economy, with the potential to be a model metamediary, providing that crucial connection among consumers, small businesses and e-vendors," said Greg Eaton, Rembrandt Venture Partners. "Through ebates.com, we're committed to being a part of this expanded value chain." Net-Savvy Investors.

    Canaan Partners, which has financed more than 60 firms in the technology sector, led the funding round. Canaan Partners currently manages an investment portfolio valued at more than $1.2 billion, in companies such as Iprint.com, Hello Direct, JetStream Communications, Palladium, and others.

    With more than 50 years of venture capital experience and dozens of successful IPOs and public company board relationships, August Capital has financed technology companies with an aggregate market capitalization of more than one-half trillion dollars. August Capital investments include Cobalt Networks, Epinions, Genoa, Inc., Tumbleweed Communications and more.

    Foundation Capital, which led ebates.com's first round of funding, has helped build some 70 technology companies, with a market value in the tens of billions of dollars. Foundation Capital has participated in funding CarsDirect.com, NetZero, StrataSource, Silicon Valley Networks, idealab! and others.

    Rembrandt Venture Partners is a newly-formed private equity venture fund in Menlo Park. The fund has been involved in the formation and financing of more than 10 companies in the past year, including Impulse Buy Network (since acquired by Inktomi), Command Audio Corp., Yesmail.com (YESM), Mslide, VoiceWeb, AlterEgo Networks and Commercebid.com (recently acquired by Commerce One). Rembrandt's limited partners include a variety of prominent CEOs, Wall Street bankers, venture capitalists, professional athletes and Hollywood personalities.

    About ebates.com

    With headquarters in San Francisco, ebates.com is the starting point for online shopping, giving its members cash back when they shop the Web. Through ebates.com, more than two million members receive cash rebates of up to 25 percent on every purchase from more than 300 merchants. In addition, members can earn additional cash back by referring others to ebates.com.

    Launched in May 1999, ebates.com was founded by Paul Wasserman and Alessandro Isolani, two former deputy district attorneys in Silicon Valley.

    Contact:For ebates.com
    Edge Communications Inc.
    Ken Greenberg, 818/719-9292
    ken@edgepress.com

  2. #2
    ABW Ambassador Andy's Avatar
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    Ebates

    Andy

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  3. #3
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    Well yeah but can't you just see the headline..

    FORMER DEPUTY DISTRICT ATTORNEYS PAUL WASSERMAN AND ALESSANDRO ISOLANI STEAL MILLIONS OF DOLLARS FROM HARD WORKING CITIZENS WORLDWIDE

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