$39.5 Million Is A Lot Of Beenz

Web currency creator beenz.com inc. has received an additional $39.5 million in its latest round of private funding, in the form of Series "B" convertible preferred stock, from several strategic partners and financial institutions. The funding will be focused on expanding the beenz merchant and consumer networks, says the New York City-based firm, as well as marketing the brand and the product and developing the beenz proprietary technology. beenz.com has also embarked on joint ventures in Italy, China, Japan and Korea, and has accumulated an additional $11.9 million for the business in those regions. New investors include Kataweb, the online property of Italian media firm Gruppo l'Espresso; New World CyberBase Ltd., the technology flagship of Hong Kong-based New World Group; and Central Banking Corp., a Korean merchant bank. U.S. venture capital firms BayStar Capital and Sycamore Ventures are also investors in this round, along with private equity investments from investment bank ING Barings and DRW Venture Partners, an affiliate of securities firm Dain Rauscher Wessels. Several investors from the first round have invested in this round, including lead investors Apax Partners Funds, Patricof & Co. Ventures, Hashari Tsushin Partners II LP, Viventures Partners SA, Artemis and Gefinor Inc. beenz is a universal digital currency that consumers earn by visiting, interacting with or shopping at participating Web sites. Consumers can then spend their beenz with participating merchants or service providers, the company says, or spend then through the beenz rewardzcard, at offline locations where MasterCard is accepted.