Boston July 27, 2001 Collaborative software solutions provider Sprockets announced today that it raised $4.2 million in its recently completed series B financing round. The investors were Egan-Managed Capital, Mid-Atlantic Venture Funds, Massachusetts Technology Development Corporation, Hickory Venture Group, and The Hatch Group, among others.
The investment will finance Sprockets' continued service expansion, and broaden marketing and sales efforts, in particular allowing the company to better address the needs of larger advertising agencies and corporate marketing departments.
Robert Creeden, general partner, Egan-Managed Capital, commented, "We look for performance against agreed-upon milestones and benchmarks when we commit follow-on funding. The company has demonstrated the validity of the Sprockets model to its customers and to us. This represents a re-commitment to the business as much as an investment in the larger business opportunity."
Sprockets provides solutions including project management, collaboration, file sharing and delivery, and electronic press kit distribution to corporate marketing groups, ad agencies, production partners and publishers. Patrick White, Sprockets' founder and president, added, "We are proud to continue to attract capital in a very challenging financing environment.