Scottsdale, AZ Ñ March 11, 2003 Ñ Vcommerce, a supply chain execution solutions provider, this week reported it has closed more than $8 million in additional financing.
Leading this round was StarVest Partners, a New York-based venture capital firm that has experience in supply chain solutions. Also participating in this round were previous investors Archery Capital, Benchmark Capital, @Ventures and CMGI.
"Vcommerce will emerge as the undisputed leader among supply chain execution solution providers," predicted Jeanne Sullivan, partner for StarVest, "and we are looking forward to being part of the company's growing success." Sullivan will serve on Vcommerce's board of directors.
"Although 2002 was a difficult year for the economy, and especially difficult for the enterprise software industry, Vcommerce had the fortitude and great fortune to be successful in the downturn," said Mark Jensen, CEO of Vcommerce. "We consider the closing of this outside-led round the 'icing on the cake' of a record year where major players such as Gateway, Sony, GE and Walden Books were added to our client base."
Vcommerce said it would use the new infusion of funds to accelerate delivery and launch of the latest versions of the company's supply chain execution solutions. The company also plans to expand its sales and alliance forces to cover what it describes as "growing" market and partnership demand.