Plaxo Inc. Secures $7 Million From Cisco Systems, Sequoia Capital and Globespan Capital Partners to Build Critical Internet Network
Mountain View, CA (ots)
Plaxo, Inc., creator of the fastest growing contact management software and network, today announced that it has received a $7 million round of financing, including a strategic investment from Cisco Systems and participation from existing investors Sequoia Capital, Globespan Capital Partners, and angel investors. The investment will be used expand the Plaxo Network, gaining critical mass and increasing its value exponentially to users.
"We are thrilled that world-class investors recognize the value we're creating and have chosen to help build the Plaxo Network," said Todd Masonis, Plaxo co-founder and vice president of products. "This strategic investment will help move Plaxo into the next phase of the company."
Since the introduction of Plaxo Contacts in May 2003, two million registered members have joined the Plaxo Network, the first robust contacts infrastructure for Internet users. Users join by installing the free Plaxo Contacts software in their Microsoft Outlook or Outlook Express email clients. To date, more than 30 million unique users have accessed the Plaxo Network to instantly update their contact information. It is fast becoming an important new layer of the Internet -- like email, instant messaging or Web browsing.
Plaxo is dedicated to keeping people connected by solving the common but frustrating problem of out-of-date contact information. Plaxo Contacts is an online service that securely updates, maintains, and provides easy access to contact information. Plaxo generates revenue through its relationship with Yahoo!, by offering Yahoo! Search technology directly from Microsoft Outlook and Outlook Express, and by selling premium services, such as Plaxo VIP support.
Including this round of funding, Plaxo has raised almost $20 million from Cisco Systems, Sequoia Capital, Globespan Capital Partners, Harbinger Venture Management, and angel investors including Ram Shriram and Tim Koogle.
About Plaxo
Plaxo Inc. is the creator of the fastest-growing contact management software, Plaxo 2.0. With more than 2 million registered users, and over 30 million unique users, Plaxo has created the critical network infrastructure that keeps people connected on the Internet. Founded by Stanford engineers, Todd Masonis and Cameron Ring, and former Napster co-founder Sean Parker, Plaxo, Inc. is a privately held company funded by Cisco Systems, Sequoia Capital, Globespan Capital Partners, Harbinger Ventures, Ram Shriram, Tim Koogle and other angel investors. For more information or to become a part of the Plaxo Network please visit www.plaxo.com.
Contact:
Scott Epstein
Plaxo Inc
Phone: +1/650/810-1088
E-Mail: sepstein@plaxo.com
Dariana Lau
Bite Communications
Phone: +1/415/365/0404
E-Mail: dariana.lau@bitepr.com