Online grocer raises additional funding to compete against Webvan.
Published:
4 November 1999 y., Thursday
Internet grocery firm HomeGrocer.com Inc. said Tuesday it netted $100 million in venture funding as it goes head-to-head against competitors including Webvan Group Inc. The latest round of funding comes from previous investors in HomeGrocer.com., including venture capitalists Kleiner Perkins Caufield & Byers, Hummer Winblad Venture Partners, Barksdale Group and Internet retailer Amazon.com Inc. The Kirkland, Wash.-based virtual grocer currently operates in three West Coast markets: Seattle, Wash.; Portland, Ore.; and Orange County, Calif. Customers can order 13,000 brand items such as produce, meats, seafood, dairy products and specialty foods. HomeGrocer_s main rival, San Francisco-based Webvan Group Inc., had to withdraw its IPO last month after raising the ire of the Securities and Exchange Commission (SEC). The company came under scrutiny following its road show, during which it allegedly disclosed information not available in the company_s prospectus. The IPO now is scheduled to go next month. "HomeGrocer.com combines a first-class front-end Web experience with the most efficient distribution model," said Jim Barksdale of Barksdale Group. "Based on my experience at both Federal Express and Netscape, it_s clear to us that HomeGrocer.com has the right combination to address the huge online grocery market."
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Standard & Poor's (S&P) affirmed Lithuania's long-term investment grade sovereign foreign currency BBB credit rating and removed it from a CreditWatch negative position, citing government commitments to address deteriorating public finances.
more »
The EBRD-EIB Multilateral Carbon Credit Fund (MCCF) and Azerenerji Joint Stock Company are collaborating in order to promote energy-efficient power generation in Azerbaijan.
more »
U.S. President Barack Obama, meeting with the leaders of Mexico and Canada, called on all three nations hit by the global recession to avoid resorting to protectionism.
more »
A 10-year $75 million EBRD loan will finance the construction of a combined heat and power plant in the east Siberian city of Krasnoyarsk which is expected to improve energy efficiency and cut pollution by 14 percent thanks to the use of more environmentally-friendly technologies.
more »
The Directorate-General for Competition has issued a review of the aid schemes introduced by Member States and approved by the Commission during the financial crisis.
more »
Rescue planes from New Zealand have been taking part in a massive search for passengers after a ferry sank off the coast of Tonga. At least 27 people are missing.
more »
Courtney Adams has always loved cooking. As a kid she baked brownies for her friends and in college her apartment was the place to go to for a home-cooked meal. But she never thought she'd cook for a living.
more »
The European Commission has authorised, under EC Treaty state aid rules, a scheme offering reduced-interest loans to businesses investing in the production of environmentally friendly products, as part of the German package to tackle the current economic crisis.
more »
Ramūnas Bičiulaitis, former board member and financial director of AB LEO LT, starts working as head of the Finance Department of Danske Bankas.
more »
The EBRD has kept up a rapid pace in the syndicated loans market, defying difficult market conditions and pulling together nine deals so far this year, worth a total €1.2 billion.
more »