Four51 closes $1.45 million in new financing

EDEN PRAIRIE, MN-Four51, Inc., an e-- procurement provider serving the print materials market has completed a $1.45 million financing round. This is the company's second round of financing, and comes from the same investors responsible for Four51's previous round of $3.5 million. In addition, Space Center Ventures, a Twin Cities-based venture capital firm, has joined as a new investor.

According to Rich Landa, Four51's CEO and co-founder, this round of financing is incremental and designed to bridge the company to profitability by the fourth quarter of 2001. Four51 also will use this financing to fund market expansion efforts. "We're unique because we've raised a small amount of capital relative to other higher-profile players in the e-procurement business," said Landa. "Our approach has been to raise only as much investment capital as we need to build a strong business. To a large extent, our need for capital has been offset by our revenue generation."

"Four51 has made great progress in the 12 months since closing our first round," said Paul McNulty, Four51 director and managing partner of Five Points Capital. "The company continues to grow, generating great traction, strong revenues, new customer relationships, and establishing strategic partnerships with leading industry players. With its results, this round of financing is designed to help Four5l reach near-term profitability and longterm viability."