Webvan Group, Inc. Raises an Additional $275 Million in Financing

Webvan Group, Inc., operator of the online grocery and drug megastore, www.webvan.com, today announced it has raised $275 million of financing from strategic and financial investors, representing a 6.4% fully-diluted stake in the company.
     Investors in this round include SOFTBANK Capital Partners LP, investment partnerships associated with Goldman, Sachs & Co., and Sequoia Capital. Both Sequoia Capital and the funds affiliated with SOFTBANK have previously invested in Webvan. The funding will be used for Webvan's national expansion. To date, the privately held Internet company has raised approximately $400 million.