The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
The number of European users of the Internet will double from 117 million now to 233 million by the end of 2004, says a new report from IDC.
The number of European users of the Internet will double between now and 2005, says a new report from IDC, the EC and IT research company. IDC says 117 million Europeans--30% of the population--are using the Internet now. That figure will increase to 233 million by the end of 2004, representing almost 60% of the entire population. Despite the much publicized dot-com shakeout and economic slowdown, Internet commerce continues to grow and is expected to surpass $1 trillion by 2004, IDC says.
"The dot-com shakeout has done nothing for the reputation of the Internet and e-business as a whole; however, it has allowed both consumers and companies to develop more realistic expectations of what can be accomplished using the Internet," said Daniel O`Boyle Kelly, program manager of IDC`s European Internet Economy research. "Virtues such as profitability and efficiency are finally becoming widespread in the virtual world and the collapse of certain dot-coms may actually help e-businesses achieve more sustainable development in the future."
According to IDC’s report “Internet Usage and Commerce in Western Europe, 2000-2004,” the business-to-consumer sector saw promising growth last year, with European consumers spending $12.2 billion online, which is double that of the year before. However, these growth rates are unlikely to be carried over to the near future, although the business-to-business sector will drive e-commerce as a whole, despite the apparent economic slowdown, IDC says.
New business models, such as e-marketplaces and e-procurement, are helping to make B2B e-commerce increasingly relevant to decision-makers who previously found it hard to relate to a direct sales model, IDC reports. "Managers will also feel comfortable with focusing on the Internet-enabled process of optimization, reduced cycle times, and cost control," O`Boyle Kelly added.