USA: e7th.com Receives $4 Million Investment
Under the terms of the financing, Charles River Ventures has appointed a Director to the e7th.com Board, which also includes a newly appointed Director from Morgan Stanley Dean Witter Private Equity.
"e7th.com's core value proposition -- giving vendors and retailers an online marketplace and a cost effective way to buy and sell merchandise -- is being embraced by a dynamic group of financiers: MacAndrews & Forbes, Morgan Stanley Dean Witter Private Equity and now, Charles River Ventures," said Todd Ricci, president and CEO of e7th.com.
David Edwards, a partner at Charles River Ventures, said: "With e7th.com, manufacturers and retailers in the footwear, athletic and fashion industries will finally have the technology they need to drive their businesses -- a way to save time and money in a secure online marketplace with multiple trading partners. We believe that this is a winning proposition with long-term growth potential in the b2b space."
As the first multi-vendor, multi-service b2b Internet site for 7th Avenue - the heart of the wholesale fashion industry -- e7th.com brings together vendors and retailers in a single, comprehensive online marketplace. The site allows retailers to purchase merchandise, confirm orders in real time, track orders, and sell excess inventory. e7th.com also features an image-driven wholesale catalog that enables buyers to quickly search for specific styles across multiple vendors, an auction site for vendor and retailer excess inventory, and an online webzine. e7th.com services are FREE to retailers.
In addition to Charles River Ventures, investors in e7th.com include Morgan Stanley Dean Witter Private Equity, MacAndrews & Forbes Holdings Inc., and a group of individual investors from Bear Stearns.
About Charles River Ventures
Charles River Ventures is one of the nation's leading early-stage venture capital firms. Founded in 1970 and based in Boston, its mission is to contribute to the creation of significant new enterprises by working in constructive partnership with driven, talented entrepreneurs. To date, Charles River has organized 10 funds totaling over $1 billion and has provided capital and guidance to more than 250 companies.
About Morgan Stanley Dean Witter Private Equity
Morgan Stanley Dean Witter Private Equity is the private equity business of Morgan Stanley Dean Witter & Co. (NYSE: MWD), a preeminent global financial services firm. Morgan Stanley Dean Witter Private Equity manages a group of funds that invest in technology companies with a focus on e-commerce, data communications, Internet infrastructure and information technology services. [For more information, visit their web site at www.msdw.com/privateequity.]
About MacAndrews & Forbes
MacAndrews & Forbes Holdings, Inc. is a diversified holding company whose interests include Revlon, Golden State Bancorp, Sunbeam, Panavision, the Weddingchannel.com, and several other technology companies.
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