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Israelis snaps up piece of PrimeShot.com From dbusiness.com Washington D.C.
Apr 28, 2000
Other investors were Yazam of New York and Lone Pine Capital. A partner from
Israel Seed also has joined PrimeShot.com's board.
Lone Pine Capital, a hedge fund based in Greenwich, Conn., was the lead
investor in PrimeShot.com's $300,000 seed round of funding in August 1999.
PrimeShot.com is a consumer-based online service that allows users to book
professional photographers to take pictures for events.
The Arlington, Va., company typically charges $125 an hour for the
photographer, with a three-hour minimum. Then, the company displays the
photos online and allows event attendees to view and purchase prints, frames
and other photo products on the Website.
PrimeShot.com co-founder Mike Niccolini told dbusiness.com that Israel
Seed's experience in international companies will help PrimeShot.com with
global expansion. "We couldn't be happier with the lineup of investors," he
said.
The company will use the funds for marketing and Website development, and to
hire 50 employees and to expand its international operations.
Israel Seed Partners, based in Jerusalem, is a seed venture fund that
invests in communications, Internet and e-commerce companies. It usually
makes initial investments of $50,000 to $1 million in seed and first round
funding and will invest up to $3 million over the life of a portfolio
company.
Israel Seed is backed by institutional investors, including Bankers Trust,
Invesco Capital, Clal Group, Flag Venture Management, Nomura Securities, The
Wellcome Trust and Silicon Valley Bank.
Yazam of New York funds seed-stage companies with its own capital and
through its network of private investors, venture capitalists and strategic
partners. The company, founded in July 1999, focuses on Internet and
technology companies and has financed more than 20 start-ups worldwide.
Yazam is headed by the founders of PictureVision, which provides backbone
technology for Kodak PhotoNet online and AOL's "You've Got Pictures."
PrimeShot.com, founded in August 1999, launched its Website on Feb. 1. It
has booked and photographed hundreds of national events for consumers and
businesses, including Andersen Consulting, the Baltimore Ravens, D.C.
United, Johns Hopkins University and Nestle USA.
Company founders Niccolini and David Holder first met while students at
Cornell University, and then again as colleagues at MicroStrategy Inc.
Niccolini was the senior counsel for MicroStrategy and Holder was a
manufacturing manager for the industry solutions marketing division.
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