New Funding for Fieldglass

Services procurement software provider raises $5 million to support sales and marketing initiatives

Services procurement software provider raises $5 million to support sales and marketing initiatives

Chicago — August 14, 2003 — Fieldglass Inc., this week announced a $5 million round of funding with all five previous investors participating. They include: StarVest Partners, L.P. of New York; HLM Management Co. of Boston; BlueStream Ventures of Minneapolis; Prism Opportunity Fund of Milwaukee; and RBC Capital Markets of Toronto.

Fieldglass is a provider of services procurement software. Its enterprise application, InSite offers a secure, private environment for companies to work with their selected suppliers to procure a variety of business services such as temporary labor, consultants, IT projects and a range of other professional and corporate services.

"The additional capital will be used to support expansion of our sales and marketing initiatives and help maintain our product leadership position," said Jai Shekhawat, Fieldglass CEO and co-founder. Total venture investment in the company now equals about $28 million.

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