|
CMGI plans $1 bn fund
Joseph Pereira
NOVEMBER 23: CMGI Inc, expanding its investment activities, said the Internet incubator plans to create a $1 billion venture-capital fund focused on the Internet business-to-business market. CMGI has made multiple investments in start-ups that provide Web services to other businesses, rather than consumers. But Monday's move marks the first time the company, a closely watched investor in Internet companies, has devoted a venture-capital fund solely to the business-to-business market. In a statement, CMGI Chief Executive David S. Wetherell said he believes business-to-business "will be a major growth driver of the Internet economy." CMGI's moves are closely watched by investors because the company has established a hot track record as a savvy picker of Internet concerns. The company, based in Andover, Mass., made early investments in consumer sites including Web portal Lycos Inc. and GeoCities, a home-page site recently purchased by Yahoo! Inc.CMGI runs several venture-capital funds in addition to its Internet operations, which include AltaVista, the search engine, and Engage Technologies Inc., a Web advertising outfit. -- The Wall Street Journal Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
|