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| May 16, 2007 | VentureWire |
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| On Heels Of Acquisition, Convio Gets Fresh Financing |
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| Portfolio Company: Convio |
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By Scott Denne
Fresh from closing its acquisition of GetActive Software Inc., Convio Inc., a provider of Internet software for nonprofit organizations, has raised $10 million in Series E financing.
The round was led by El Dorado Ventures, GetActive Software's largest shareholder, with participation from existing investors including Adams Street Partners, Adobe Ventures, Austin Ventures, Comdisco Ventures, Granite Ventures, Imperial Bank, Pacific Partners, Rembrandt Venture Partners, and Silverton Partners, said Gene Austin, Convio's chief executive.
The all-stock acquisition of GetActive Software closed in mid-February. Terms were not disclosed.
To date, Convio has raised $47 million over five rounds since 1999. Prior to the acquisition, GetActive raised $9 million from El Dorado Ventures, Pacific Partners, Rembrandt Venture Partners and individuals.
Convio's constituent resource management software provides nonprofit organizations with tools for Web-based fund-raising, advocacy and marketing campaigns. The money raised in this round will be used mostly for product development, but also to expand sales efforts, Austin said.
Internet-based fund-raising still makes up a fraction of total fund-raising, though the percentage is rising as nonprofits use the Internet as a channel to reach their constituents, said Scott Irwin, a general partner at El Dorado Ventures who joined the company's board as a result of the acquisition.
The company's revenue increased 80% last year and is expected to double over the next year, said Austin, declining to give specific revenue numbers.
Customers include The American National Red Cross, ASPCA, U.S. Chamber of Commerce and Easter Seals, Austin said.
The company, which has almost 300 employees, plans to continue running as a stand alone company as investors decide on an exit strategy later this year, Austin said. |
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