|
E-Duction, Inc. receives $8 million
in second round of venture funding
Company ready to launch new alternative employee benefit program
10/03/00
Philadelphia, October 3, 2000 -- E-Duction, Inc.,
the provider of a new alternative employee benefit program, announced
today the receipt of $8 million in funding from a consortium of
investors led by RRE Ventures of New York City, NY. Additional investors
include: PA Early Stage (a Safeguard Scientifics affiliated private
equity fund) and Keystone Venture Capital. E-Duction, Inc. will
use the proceeds from this financing to launch its new employee
benefits program that allows employees to purchase goods and services
through a patent-pending payroll deduction solution.
According to Kirk Watkins, Chairman, CEO and founder
of E-Duction, Inc., "This funding positions us well for the
future." Upon the launch of payroll deduction as a new financial
and budgeting employee benefit, says Watkins, "E-Duction, Inc.
will be able to build strong partnerships with employers, employees
and merchants across the country."
Jim Robinson, founder and General Partner at RRE Ventures,
which provided $5 million in funding to E-Duction, Inc., said "We
are very excited to be part of this new venture. It's not often
an entirely new product comes along, especially in the competitive
world of employee benefits. E-Duction, Inc. will be more than successful
in its chosen market."
E-Duction, Inc.'s patent-pending payroll deduction
solution was created in 1997 as a program that allowed hospital
employees to purchase uniforms and equipment through a series of
deductions from future paychecks. E-Duction, Inc. (formerly MarketMembers.com),
a developer of innovative payment solutions, was founded in 1999
in order to bring the unique employee benefit of payroll deduction
to a wider audience of employers, employees, and merchants. More
information on E-Duction, Inc. is available at www.E-Duction.com.
E-Duction, Inc.'s Investment Partners
About RRE Ventures - RRE Ventures is a venture
capital firm that invests in entrepreneurial information technology
companies. The company places special emphasis on software, communications,
Internet and related enterprises that can become industry leaders
in rapidly growing markets.
With $350 million under management, RRE combines significant
capital resources with managerial, financial and technical experience
and corporate contacts to create value for our portfolio companies.
RRE's limited partners include leading international institutions,
multinational corporations, institutional investors, entrepreneurs
and successful businessmen and women. RRE can be reached at 212.418.5100
or on the Internet at www.rre.com.
About PA Early Stage - PA Early Stage is a
Safeguard Scientifics (NYSE:SFE) affiliated private equity fund,
focused on start-up and early stage investment opportunities in
companies based primarily in Pennsylvania. The primary areas of
interest are information technology companies focused on software,
services, communications and Internet infrastructure. The fund also
considers technology companies in microelectronics, life sciences,
environment, manufacturing and materials. The fund can be reached
on the Internet at www.paearlystage.com.
About Keystone Venture Capital - Founded in
1982, Keystone Venture Capital focuses on early and expansion stage
companies in high-growth technology sectors. Targeted markets include
Internet-enabling applications, telecom and wireless communications,
and business-to-business and business-to-consumer electronic commerce.
Keystone is headquartered in Philadelphia, PA with satellite offices
in Chicago, IL and Alexandria, VA. Keystone can be reached at (215)
241-1200 and on the web at www.keystonevc.com.
About Eastern Technology Fund - The Eastern
Technology Fund is a venture fund that provides funding to promising
seed-stage Internet and technology companies primarily located in
the Eastern United States. The fund is a feeder fund to PA Early
Stage, an affiliated private equity fund of Safeguard Scientifics
(NYSE:SFE - news). Its strategic partners also include Ben Franklin
Technology Partners of Southeastern Pennsylvania, Omicron and Zer0
to 5ive. The fund can be reached on the Internet at www.easterntechnologyfund.com.
For further information on E-Duction, Inc., contact:
Tom McCormick
Fax: 215.542.7090
E-mail: tmccormick@E-Duction.com
back
|
