GroupServe Closes $3.5 Million in First Round of Venture Financing; Brings Total Raise Amount to $6.4 Million

Business Wire, Feb 28, 2001

Business Editors & High-Tech Writers

ARLINGTON, Va.--(BUSINESS WIRE)--Feb. 28, 2001

GroupServe, a leading developer of wireless-enabled, Internet-based groupware applications for team collaboration, announced today it secured $3.5 million in a first round of venture financing, bringing the total amount raised to date to $6.4 million.

Leading the investment was Monumental Venture Partners LLC's fund, MVP America, LP, with additional funding coming from ForceNine, LLC and several individual investors.

GroupServe has primarily earmarked the latest financing to support its upcoming commercial launch of its team collaboration solution, GroupPort(SM), in early March. It also has set aside money for sales and marketing efforts. Efforts for securing the next round of funding are currently being planned for after the product launch.

"GroupServe is an exceptional opportunity for our investors and our corporate partners," stated Roland Oliver, Chairman and President of Monumental Venture Partners, LLC. "Here is the best of both worlds, a compelling value proposition combined with a focused, proven group of executives delivering on the promise and vision of GroupServe."

GroupServe President and CEO Tom Stroup added, "Closing this financing comes at the best possible time for us, as we are in the final stages of preparing for the commercial product launch of GroupPort. We know that GroupServe has all the right ingredients to succeed, as securing funding in the current financial environment requires a solid business plan, an experienced management team and a clear path to profitability."

About Monumental Venture Partners, LLC

Monumental Venture Partners ("MVP"), located in the Tysons Corner area of Northern Virginia, is a venture capital firm focused on seed and early-stage telecommunications, wireless applications, information and Internet-enabling technology investment opportunities. MVP has established strategic partnerships with leading technology companies. Investors in MVP's fund, MVP America, LP, include Mitsubishi International Corporation and Toronto Dominion Investments, Inc.

About GroupServe

GroupServe is a leading developer of wireless-enabled, Internet-based groupware applications for team collaboration. Led by an experienced management and technical team, GroupServe was one of the first companies to develop a groupware team collaboration tool built from the ground up to support wireless technologies. GroupServe's ASP solution, GroupPort(SM), is delivered through a Tier One channel of wireless carriers and device manufacturers. GroupPort simplifies communications between project teams and mobile users, as critical business information can be accessed via any browser-based device, on any platform, from any location. For more information, visit www.groupserve.com.