Madison Reed has raised $32.1 million since launching 15 months ago.
Linlithgow Holdings LLC, controlled by the family of Beyond Commerce CEO Robert McNulty, is making the investment. The company says the funds and a new $50 million line of credit for payment card processing will enable it to grow.
Beyond Commerce Inc., the operator of the Boomj social network and provider of a fulfillment service called i-Supply that helps social networks and other sites sell online, has received a $1.5 million capital infusion.
The funds come from Linlithgow Holdings LLC, controlled by the family of Beyond Commerce chairman and CEO Robert McNulty. The company notes that McNulty plays no role in Linlithgow and that the transaction has been approved by the company’s independent directors.
"This is an important transaction for the company as it puts the company in a stronger financial position going forward,” says chief financial officer Mark Noffke. “We feel it is a testament to the company and its management that we have the confidence of the McNulty family to ensure the success of Beyond Commerce Inc. They have stepped up and put their money to work at a time when many investors continue to sit on the sidelines."
The company, founded in 2006, says the $1.5 million in new capital plus a $50 million monthly line of credit for payment card processing has put it in a position to grow.
Beyond Commerce operates Boomj, a social network for Baby Boomers, and offers an e-commerce fulfillment service called i-Supply that handles shipping, returns and customer service for social networks and other sites that want to sell online. The company also offers a service called LocalAdLink that brings local advertising to geo-targeted consumers.
McNulty is the former founder and CEO of online shopping service Shopping.com, which Compaq Computer Corp. purchased in 1999 for $220 million. Compaq was subsequently acquired by Hewlett-Packard Co. After a series of transactions, Shopping.com was acquired by eBay Inc. in 2005.