This is the text of a press release we are issuing today (Tuesday 24th October 2006)
Menlo Park, California: October 24th 2006
edgeio corporation announces Series A financing, Chinese web site and Patent filing.
edgeio corporation, a leader in online listings announced today that it has raised $5 million in the first close of a Series A round of financing. The round was led by Intel Capital and also included an investment from Transcosmos Investments and Business Development Inc, a Japanese public company with a Silicon Valley investment arm focused on Internet-based U.S. technology companies expanding into the Japanese marketplace. Investors in the companyâ€™s angel funding had their investment converted into A round stock. These include Ron Conway, Jeff Clavier, Claudio Chiuchiarelli, Frank Caufield Jr., RSS Investors, Millenium Technology Ventures, Michael Tanne, Auren Hoffman, Sam Perry, Bill McCabe and Louis Monier.
Since its launch in March 2006 edgeio has successfully become a significant player in the rapidly growing infrastructure for online listings. It has become an essential service to many vendors, across many verticals in many countries, who use it as a part of their strategy for distributing listings and catalogs to attract more customers.
edgeio has over 3000 publishers who upload their listings via its edgedirect service. These include key players in the jobs, autos, real estate, leisure and other sectors. Many bloggers are publishing listings to their blog and having them automatically entered into edgeio through the use of the â€œlisting tagï¿½?. edgeio is also a featured distribution channel for many sites offering to help distribute listings, such as VFlyer, Postlets, the Point2 network and others. Beyond distributing uploaded listings, edgeio brings together content in real time from partners such as eBay, Amazon and CafePress, creating the worldâ€™s largest search engine for listings at edgeio.com.
â€œOur goal is to bring together all of the worldâ€™s marketplaces, to organize them vertically and geographically, and then to make this enormous inventory of catalogs available, through a single interface, to those who would like to take these listings and create new online marketplaces,”
said Keith Teare, Chief Executive Officer and founder at edgeio.
Since launching six months ago edgeio now has more than 100 million listings in many verticals, (about 700,000 new each day). These come from over 14,000 cities in 130 countries. By being an aggregator of such a large number of listings edgeio.com can become a serious search engine for jobs, homes, cars and many other items, and can send significant amounts of traffic back to the original publisher.
The company also announced today that it has launched a Chinese language version of its web site named mulu100.com (which in Chinese means catalog of catalogs). The Chinese service has initially formed a partnership with edeng.cn, a China based listings site, similar in many ways to craigslist.com.
â€œChinese listings began to appear on edgeio within a few days of us launching. And we saw Chinese searches on our data grow significantly during the summer,”
said Keith Teare.
â€œWe decided that the Chinese market would be our first localized site and we now have a significant number of listings from all over the country. That is why we have launched mulu100.com as a fully Chinese front end to the edgeio data. edeng has significantly expanded our ability to include China based listings and proven to be a great initial partner.”
edgeio corporation also announced that it has filed for patents covering its distributed marketplaces architecture and many of the features of edgeio.com. The patent claims were provisionally filed in October 2005 and have now been completed as full filings.
About edgeio corporation:
edgeio is a a leader in online listings. Its vision is to bring together, organize and distribute the worldâ€™s marketplaces. Products include edgedirect, edgeio.com and mulu100.com. edgeio is based in Menlo Park, California and was founded in 2005 by Keith Teare, its Chairman of the Board and Chief Executive Officer, and Michael Arrington, a member of its board of directors. For more information see http://www.edgeio.com.
About Intel Capital:
Intel Capital, Intel’s venture capital organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$6 billion in nearly 1,000 companies in more than 40 countries. In that time, about 180 portfolio companies have been acquired by other companies and another 155 have gone public on various exchanges around the world. In 2005, Intel Capital invested about US$265 million in about 140 deals with approximately 60 percent of funds invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
About Transcosmos Investments & Business Development, Inc.
Transcosmos Investments & Business Development, Inc., is a wholly owned subsidiary of Transcosmos, Inc. With offices in Bellevue, Wash., and Mountain View, Calif., Transcosmos Investments & Business Development is a strategic corporate investor and an active local business partner for Internet-based U.S. technology companies expanding into the Japanese marketplace. It is the international partner-of-choice, offering capitalization of joint ventures, infrastructure development, strategic relationships, staffing and localization to companies in the U.S. technology sector – effectively creating a pipeline of technological information to Japan. Transcosmos Investments’ portfolios, which focus on companies specializing in digital marketing, e-commerce and digital media, include such marquee brand names as AskJeeves, Inc./Bloglines, DoubleClick Inc., RealNetworks Inc., NetRatings Inc., Atom Shockwave, Inc., Become Inc. and CinemaNow, Inc. For more information, please visit: http://www.transcosmos.com.