SEATTLE, Wash. -- July 13, 2001 -- Vendaria Inc., a provider of streaming video solutions for sales, marketing and merchandising, today announced it closed a $5.1 million in its first institutional round of funding. FBR CoMotion Venture Capital, a firm that specializes in early-stage investment and acceleration services for Northwest technology-infrastructure companies, led the financing. This financing follows a year of private equity generation.
The financing will further Vendaria’s leadership position as a provider of streaming video solutions for sales, marketing and merchandising and enable the company to extend development efforts, expand marketshare and pursue strategic partnership opportunities.
"We like Vendaria because they already have revenue, a conservative business model, and a top tier team of experienced executives," says David Billstrom, managing partner of CoMotion. "With its lead position in the streaming video market and plans for expansion, the company is an excellent addition to our portfolio of infrastructure and e-commerce companies."
"Vendaria’s success in raising outside capital under current market conditions, reinforces the relevance of our technology today," says Scott Ferris president and CEO of Vendaria. "We are looking forward to using this capital to strengthen our product line and expand our sales efforts, as we continue to garner impressive results for online retail, direct mail and advertising customers."
"Manufacturers and retailers are aspiring to replicate what they can from the physical retail environment, while capitalizing on the unique and powerful opportunities that the Web can offer," says Richard Tait, CEO of Cranium Inc. and Vendaria angel investor. "The patent-pending Vendaria platform has clearly demonstrated to retailers and manufacturers that there is a much better way to sell on the Web."
About CoMotion
FBR CoMotion Venture Capital provides investment and accelerator services for Pacific Northwest technology startups, focusing on software-based businesses for emerging market segments. Led by veteran entrepreneurs and executives David Billstrom and Will Neuhauser, CoMotion offers early stage companies a distinct alternative to traditional funding sources. The firm maintains offices in both Portland and Seattle. Recent portfolio companies include MeasureCast, RuleSpace, RadioCentral, Chrome Systems, MyHealthBank and WeSync. Additional information on CoMotion and its portfolio companies is available at www.CoMotionVC.com.
About Vendaria
Vendaria provides streaming video services to companies in need of enhanced sales, marketing and merchandising collateral. By leveraging the Vendaria Envision(tm) platform, companies can enrich existing initiatives and deliver targeted messages to consumers who desire more interactive and engaging content. Vendaria’s services are designed for manufacturers, e-retailers and advertising and marketing companies. Based in Seattle, Wash., Vendaria was founded in 1999 and is privately held. For more information, visit www.vendaria.com.
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