Vendaria reels in $2.3 million in new funding
Vendaria Inc., a provider of online video technology for retailers and manufacturers, has secured $2.3 million in second round financing from private investors and Seattle-based FBR CoMotion Venture Capital, the company announced this week.
Vendaria produces technology that allows retailers and manufacturers to provide streaming video presentations of products to customers at their web sites. Vendaria says it will use the new funds for product and business development, customer support, and sales and marketing programs. Founded in 1999, the company raised $5.1 million in its first institutional round of funding in July 2001 from CoMotion and individual investors.
Vendaria’s customers include Amazon.com Inc., the Spiegel Group Inc.’s Eddie Bauer, FAO Inc., Starbucks Coffee Co., Toys R Us Inc., and Wal-Mart Stores Inc.
“Our new round of funding will help us carry forward the tremendous momentum we gained in the fourth quarter of 2002, especially during the holiday retail season,” said Vendaria CEO Cary Roth. “We will also use the new funds to cautiously expand our sales force, and to add new services.”
The company also announced that former 800.com CEO Greg Drew has joined the Vendaria board of directors, and that former RealNetworks executive Jeff Mandelbaum, and the chief information officer for The Bill & Melinda Gates Foundation, David Chamberlain, have joined the company’s board of advisors.
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