The retailer says web sales grew about 30% during the period, while total sales were lower than projected.
Multimedia Live, developer of e-commerce technology and services for online retailers, says it will use the funds to support research and development of its e-commerce products and to expand sales and marketing.
The rebound in technology company investments continues. The latest: Petaluma, CA-based Multimedia Live, a developer of e-commerce technology and services for online retailers, has received $7.5 million in financing from Sequoia Capital.
Multimedia Live, a privately held corporation, says it will use the funds to support research and development for its enterprise class MarketLive Intelligent Selling e-commerce product and to expand sales and marketing, increase its staff and make strategic investments in infrastructure.
"The investment by Sequoia Capital in Multimedia Live signals growing optimism in the robust e-commerce software sector," said Ken Burke, president and CEO of Multimedia Live. "Demand for MarketLive, our industry-leading enterprise-class e-commerce application, is growing constantly because it addresses the industry`s need for effective online merchandising, flexible deployment capabilities, and long-term value.”
Multimedia Live’s software runs over 120 e-commerce web sites, including sites for Electronic Arts, National Geographic, The Buckle, Sundance Catalog, General Motors, and Keds. The company reports developing more than 55 web projects in the last two years. It anticipates a 40% growth in revenue and a net profit of approximately 20% in 2003.
Sequoia Capital is one of the leading venture capital firms in Silicon Valley.