March 17 |
 |
 |
NewspaperDirect Closes $8.5M Round For Sales, Marketing
Source: VentureWire Professional
NewspaperDirect, a provider of digital newspaper distribution, said it has closed about $8.5 million in a new round of financing from new investor Soses Investments B.V.
Company executives weren't immediately available to disclose the type of stock involved in the round.
Proceeds from the new round will be used for new technology development as well as for sales and marketing.
"We're anticipating it will take us to profitability, toward the end of 2005," Richard Miller, vice president of sales and marketing, said.
NewspaperDirect previously raised $5 million in 2002, in what the company at the time called a third round of financing. United Venture Capital led the round with participation from Esther Dyson, president and co-founder of Edventures.
In 2000, it raised $1.7 million in its second round of funding from individual investors.
Founded in 1999, NewspaperDirect provides digital delivery and local printing of same-day newspapers from around the world. With over 250 newspaper titles and a network of over 375 print locations in more than 70 countries, NewspaperDirect delivers to hotels, libraries, cruise ships, corporate offices, retail outlets, home subscribers and Web browsers everywhere.
Its Print-on-Demand product enables out-of-market newspapers to be easily printed in different types of locations around the world. NewspaperDirect also provides access to newspapers in digital format through the Internet with its PressDisplay.com product.
The Vancouver, B.C.-based company currently has about 35 employees.
Marine Cole
|