ATLANTA - Oct. 26, 2000 - FacilityPro.com secured a $5 million investment from First Union Capital Partners of Charlotte, NC. The funding brings the total of the company's Series B financing to $40 million.
The First Union Capital Partners' investment follows the previously announced $25 million funding secured in September 2000 from Constellation Real Technologies, a consortium of the nation's largest real estate companies. The second round financing also included an increased capital commitment of $10 million from previous investor Austin Ventures, an Austin, Texas-based venture capital firm.
"The completion of this $40 million round of financing puts us in a very sound financial position, enhances our client base, and gives us the means to continue to implement our business plan," said Peter Dunning, chief executive officer of FacilityPro.com. "In addition to the financial commitment, strategic investors like Constellation are clearly identified with our target market and provide great insight and guidance in developing the right solutions for the commercial real estate market."
The second round of funding will go to enhance and expand the capabilities of FacilityPro.coms online marketplace and add consulting and operating personnel to support implementations within new clients.
"We took a close look at a number of companies creating online marketplaces in the real estate space," said James C. Cook, a Partner with First Union Capital Partners. "FacilityPro.com stood out as a clear leader with the best model, people, and expertise to become the dominant player in that space."
As a result of the investments, FacilityPro.com will expand its board of directors to six members from the current three. First Union Capital Partners will have one board seat and Constellation Real Technologies will add two, bringing the total number of outside directors to four.
During the past year the company has tripled its revenues, significantly upgraded its marketplace capabilities, secured relationships with market leading customers and suppliers, expanded its workforce to more than 95 associates and moved into a larger corporate headquarters to accommodate its growth.
