PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
Scene 7 will use the new round for development, sales and marketing. Lead investor is Moore Capital Management.
In a move uncommon in the current capital marketplace for e-commerce, Scene7, a technology start-up that provides dynamic imaging software for retailers online, in kiosks and in print, this week closed an $11.3 million round of financing. The lead investor in the new round is Moore Capital Management, which invests in emerging technology companies.
Other new investors included Xcelera Inc., a European technology company, and GCH Investments. A number of previous investors in Scene7 also participated in this round; among them, Hearst Interactive Media and home furnishings catalog pioneer Roger Horchow. Horchow is a Director at Scene7. The funds will be used for technology development as well as marketing efforts, says a company spokeswoman.
“This funding reinforces the power of our suite of dynamic imaging software and the quality of our business,” said Scene7 CEO Doug Mack. The principals of San Rafael, CA-based Scene7 launched the company in January as a technology provider for e-commerce after closing down their former operation as GoodHome.com, an Internet retailer of furniture that had developed advanced imaging technologies for displaying their merchandise online. “We saw we could get profitable far faster as a technology company than as an online furniture company,” Mack told Internet Retailer this spring, adding that Scene7 expected to be profitable by spring 2002.