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dooyoo raises 10 million Euros in third round funding, 17 May 2001
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dooyoo is now positioned to reach profitability by the end of this year.
Berlin, 16 May 2001 dooyoo AG raised a total of 10 million Euros in its third round funding. The investors are 3i plc, CNET Networks Inc., Earlybird Venture Capital, and Syntek Capital AG. The acquired capital deems dooyoo well positioned to reach its break-even target. The company expects to be profitable from the fourth quarter of 2001 onwards, focussing on its advertising, market research, eCommerce-leads (commissions) and content sales revenues.
"During the last eighteen months we have become the leading European provider of consumer opinion on virtually every product and service", Pablo Slough, Business Development Director at dooyoo.co.uk. "The capital raised in the third round funding will be used to develop our products further and, in particular, to expand our market research. We are proud that our performance is being rewarded with an excellent valuation, despite the adverse market conditions," he continues.
René Griemens, Chief Financial Officer of dooyoo AG, adds: "The success of the third financing round demonstrates the investors' continued confidence in our business model and management team. The company's valuation already amounts to about five times our projected 2001 revenues."
CNET Inc. (Nasdaq: CNET) is participating as a strategic investor in the financing round alongside the current investors, 3i and Earlybird Venture Capital, as well as a second new investor, Syntek Capital AG. CNET provides information and E-commerce services for manufacturers, traders, and consumers in the IT sector. With an Internet presence in 25 countries and a market capitalisation of approx. 1.5 billion US dollars, the company is one of the ten leading Internet companies worldwide.
"We opted for a stake in dooyoo AG because it is one of Europe's most dynamic Internet companies and is built around a similar business model to CNET's" says MaryAnn Phillips, Managing Director of ZDNet Germany/Vice President CNET Networks Europe.
Christian Vogel, Investment Director at 3i Germany, adds: "dooyoo AG is an excellently-managed company. Turnover is already surpassing the objectives of the business plan. We are therefore happy to support dooyoo AG in its third round financing."
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