ROCKVILLE, MD -- April 23, 2001 Money is tight these days. So when B2eMarkets got the news that CIBC Capital Partners was shelling out $38 million in funding to them, there was sufficient cause to celebrate. The strategic e-sourcing services provider made the announcement today.
This is an important milestone that B2eMarkets announced today, said Orville Bailey, chief executive officer and co-founder of B2eMarkets. In raising $38 million from premier venture investors, the company now has the resources it needs to be a clear leader in the strategic sourcing market-one of the fastest growing segments in e-commerce.
B2eMarkets secured its current funding in the midst of one of the most difficult venture capital financing environments of the past 20 years. According to Venture Economics, venture funding in the first quarter was down more than 70 percent from a year ago, both nationally and in the Washington, D.C. area. B2eMarkets' current funding is in the top five of total capital raised among all private venture funding deals closed in the Washington metropolitan area this year, based on data released by Pricewaterhousecoopers.
On why CIBC Capital Partners decided to invest with B2eMarkets, Teddy Rosenberg replied, We invested in B2eMarkets because we think they have the right vision to take advantage of what is clearly an immense and untapped opportunity in the strategic sourcing space. Their ability to deliver sustained sourcing performance is already resonating with more than 20 customers, including Praxair, Millenium Inorganic Chemicals, Invensys, and White Martins, as well as alliance partners Accenture and Cap Gemini Ernst & Young.
With this new funding, B2eMarkets will be ramping up global marketing and sales efforts. Product development will continue to be core focus for the company. B2eMarkets is planning a new product launch at the National Association of Purchasing Management conference later this month.
B2eMarket's other investors include Accenture Technology Ventures, FBR Technology Venture Partners, Syncom (Syndicated Communications), Cathage Partners, and Ascend Venture Group.
