INTERNET.COM VENTURE FUND I ADDS AUCTIONROVER.COM TO ITS VENTURE INVESTMENT PORTFOLIO(Westport, CT - October 26, 1999) - internet.com Venture Fund I LLC, the affiliated venture arm of internet.com Corporation (Nasdaq: INTM), today announced an investment in AuctionRover.com (http://www.auctionrover.com), an interactive community related to on-line auctions. Venture Fund I is now fully invested, with an investment portfolio consisting of nine early-stage content and e-commerce Web site properties.
Founded in July 1999, AuctionRover.com is the one-stop resource for all online auctioning needs, allowing buyers to search for items across various auction sites and sellers to host images and counters. In addition, the site provides innovative content that will keep bidders and sellers informed and entertained. The site received recognition by USA TODAY online (http://www.usatoday.com) as one of its "hot sites" last Wednesday. internet.com joins Draper Atlantic, the East Coast affiliate of Silicon Valley's Draper Fisher Jurvetson, as a leading investor in the first round of funding for AuctionRover.com.
"AuctionRover.com's impressive business model combined with their leading talent has positioned them to be a major player in the online auction information arena," said Alan M. Meckler, Chairman of internet.com Venture Fund I LLC and Chairman and CEO of internet.com Corporation. "With the investment in AuctionRover.com, internet.com Venture Fund I is now fully invested. We look forward to future venture capital opportunities in early-stage content sites that we believe have the vision and first-mover position necessary to become leaders in their respective categories."
"We're pleased to have internet.com on board as an early investor," said Scot Wingo, president and co-founder of AuctionRover.com. "We look forward to working with the internet.com team on a business development and mentor level."
With the addition of AuctionRover.com, internet.com Venture Fund I LLC is now fully invested with nine investments which include CreativePlanet.com, NetEquipment.com, MLX.com, Tutor.com, MDLinx.com, BuyBuddy.com, GoPDA.com and workz.com. internet.com Corporation has also received equity ownership in both CreativePlanet.com and BuyBuddy.com in exchange for advertising and marketing across the internet.com Network.
internet.com Venture Fund I was formed to invest in early-stage online content providers serving targeted business-to-business markets that follow the strategy of, but are not competitive to, internet.com. internet.com is one of the fund's investors and is the portfolio manager. internet.com will continue to follow the path of CMGI (Nasdaq: CMGI) and Internet Capital Group (Nasdaq: ICGE) with the benefit of being a public operating company in the Internet space that also extends value to its stockholders by having a successful Internet venture capital arm.
internet.com Corporation (Nasdaq: INTM) owns and operates internet.com, the E-Business and Internet Technology Network which includes 78 Web sites, 70 e-mail newsletters, 101 online discussion forums, and 73 moderated e-mail discussion lists for Internet industry and Internet technology professionals, Web developers and experienced Internet users. internet.com's global presence includes editions in Canada, China, the United Kingdom, Arabia, Australia, Asia, France, Japan and Israel.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding internet.com Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Prospectus dated June 25, 1999, Annual Report or Form 10-K for the most recently ended fiscal year.
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