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With its strong customer momentum and success in delivering tangible value, BoardVantage is extraordinarily well-positioned and has established itself as the leader in the emerging space of confidential collaboration for corporate boards.
Menlo Park, CA (November 8, 2004) — BoardVantage, the leader in confidential board communications, today announced that it has raised $5.5 million in an equity financing led by Bay Partners. Neal Dempsey, Managing General Partner of Bay Partners will join the board. Bay is joined by Foundation Capital, existing investor in BoardVantage. The funds will be used to invest in new product development and to increase customer service to support rapid account growth.
"Our discussions with BoardVantage's customers highlighted the appeal of a confidential online service to enhance board communications," said Neal Dempsey, Managing General Partner at Bay Partners. "With its strong customer momentum and success in delivering tangible value, BoardVantage is extraordinarily well-positioned and has established itself as the leader in the emerging space of confidential collaboration for corporate boards."
"We are experiencing strong demand for our online service across a broad range of verticals markets. Our customers include leaders in retail, financial services, consumer goods, and high-tech," said Joe Ruck, President and CEO of BoardVantage. "We plan to use this financing to develop innovative new application functionality and to staff up in key departments to take advantage of this breakout opportunity."
Foundation Capital, who led the first institutional round, is co-investing with Bay Partners. Returning investor, Mike Schuh, general partner with Foundation Capital, said, "The company has made dramatic progress in building product functionality and increasing its market footprint. I'm delighted with the company's progress, and I'm looking forward to working with a seasoned investor like Neal Dempsey of Bay Partners."
BoardVantage has recently released PowerPack, a high-performance application that dramatically simplifies online board book creation. Now the Corporate Secretary can create a complete online board book effortlessly during the often hectic and deadline driven period preceding board and committee meetings.
Bay Partners is an early-stage venture capital firm with over $1 billion under management. Since 1976, Bay Partners has invested in, and nurtured, over 200 technology start-ups. Companies funded by Bay Partners include Brocade Communications, Informatica, and WebLogic/BEA Systems.
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in telecommunications and networking, Internet infrastructure, and enterprise software. Enterprise application software companies funded by Foundation Capital include Interwoven and Onyx Software.
BoardVantage is the leading provider of secure board portals, with 175 customers — including over 20 Fortune 100 companies. BoardVantage provides a secure and user-friendly Web portal for centralizing board documents, processes and communications. It also provides productivity tools for creating and distributing board materials efficiently. BoardVantage is SAS 70 Type II certified, and meets or exceeds the standards of the most security conscious IT departments, including those of major financial institutions. To learn more, visit www.boardvantage.com.
Maria Krinsky
KickStart Consulting, for BoardVantage
415-509-0498
pr@boardvantage.com
