SUNNYVALE, Calif., May 2 /PRNewswire/ -- Project Napa, a stealth Silicon
Valley Internet startup, announced today that it has closed on a $1.3 million
seed round of financing from a group of venture capitalists and private
investors. Venture capital firms The Argentum Group and Crimson Venture
Partners LLC co-led the round.
"We're big believers that Project Napa's concept will revolutionize the
content model on the Internet," says Walter Barandiaran, Managing Partner at
The Argentum Group. "But we're backing more than a great concept, we're
backing a stellar team."
Still in stealth mode, Project Napa aims to transform the way content is
distributed, searched and consumed today. Project Napa will bring users and
content providers together on a unique platform that makes access to such
content painless.
Project Napa was founded and is led by a team of successful,
second-generation netpreneurs. "Head Grape" Brian Shin, Vice President of
Technology at Medsite.com, a leading eHealth company, is an Internet veteran
of several successful startups. Brian co-founded enterprise CRM vendor
Cambridge Intelligence Agency, which was acquired by MSGi and merged with CMG
Direct, the original CMGi company, to form WiredEmpire. He was also
co-founder and Chief Information Officer of CreativeAspect, which was acquired
by Medsite.com. Before that, he was with Allaire Corporation.
-- "Product Connoisseur" Terence Pua was the founder and CEO of
justquotes.com, an investment research portal. Following StockMaster.com's
acquisition of justquotes.com, Terence was responsible as General Manager for
new product development in the financial services space.
-- "Engineering Connoisseur" Allen Chen was formerly a Product Manager at
StockMaster.com. Prior to StockMaster.com, Allen was a core member of Sun
Microsystems and IBM's JavaOS engineering team.
-- "Business Development Connoisseur" Charles Woo was formerly with
Send.com in business development and recently withdrew from Harvard Business
School to co-found Project Napa. Prior to Send.com, Charlie was a private
equity executive at Thomas H. Lee Company and an investment banker at Morgan
Stanley.
About Project Napa
Based in Sunnyvale, Calif., Project Napa is a pre-launch,
second-generation Internet company. Project Napa was founded in
March 2000 and has been selected as a leading participant in the IBM-Conxion
DotCom Incubator Program. Project Napa is located on the World Wide Web at
http://www.projectnapa.com .
About The Argentum Group
The Argentum Group (Argentum), founded in 1987, is a New York-based
venture capital firm that provides capital to emerging growth companies for
development, growth, and acquisition. Argentum is General Partner for four
investment funds, which have invested in over 115 companies in a broad range
of market sectors including eBusiness, new media & communications, Internet
infrastructure, software, business services, and outsourced industrial
services. Argentum generally invests between $5 million and $10 million in
each of its portfolio companies.
Representative investments include Applied Data Systems, Inc., The Cobalt
Group, Inc., Digital Club Network, Inc., Dynamic Mobile Data Systems, Inc.,
Global Commerce Systems, Inc., HorizonLive.com, Inc., KnitMedia, Inc., M3
Technologies, Inc., Medsite.com, Inc., NuCo2, Inc., Omnipoint Corporation
(acquired by VoiceStream,) Security Dynamics Technologies, Inc. (merged with
RSA Security, Inc.,) ShopNow.com, Inc., TRADEX Technologies, Inc. (acquired by
Ariba, Inc.,) Tut Systems, Inc., and XMLSolutions Corporation.
About Crimson Venture Partners LLC
Crimson Venture Partners (CVP) is an angel investment fund focused on seed
stage opportunities at the Harvard Business School. CVP's limited partners
include J. H. Whitney & Co., a $5.0 billion private investment firm based out
of Stamford, Connecticut. CVP is an active investor in the communications,
Internet and technology sectors.
CONTACT: Charles Woo, Business Development Connoisseur of Project Napa,
Inc., 408-835-5528, or fax, 408-725-0364, or charlie@projectnapa.com .
This release was issued through DigitalWork.com -- Your Business Workshop.
More information on DigitalWork.com may be found at http://www.digitalwork.com
SOURCE Project Napa, Inc.
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Related links:
http://www.projectnapa.com
CONTACT:
Charles Woo, Business Development Connoisseur
of Project Napa, Inc., 408-835-5528, or fax, 408-725-0364, or
charlie@projectnapa.com
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