Press Releases in 2001
Push Technologies
ICON secure £8m for internet B to B software developers
January 2001
Spiritsoft fits neatly into venture capitalists' latest "sweet spot" -- technologies that can enhance the Internet's infrastructure.
Spiritsoft, a developer of integration software, was turning away VCs despite the harsh funding environment, says Steve Ross-Talbot, principal founder and chief technology officer. "We enable new-economy ventures to scale rapidly and that's a real hook for venture capitalists," he says. "Many ventures have failed simply because they don't understand the technology."
The second round was led by Reuters Venture Capital and included a follow-on investment from Catalyst Fund Management & Research, which led a $3.75 million first round in February 2000. Spiritsoft's post-money valuation of $63.6 million represents an annualized growth rate of over 2,000 percent, a noteworthy achievement when set against the down rounds and write-offs that are increasingly setting the tone for European technology investments in 2001.
Spiritsoft, a leader in Java Messaging Services and a revenue generator, strikes outsiders as much more Californian than European for its go-getting corporate culture, complete with stock options. Founded in July 1997 by a group of technology consultants in the financial services industry, the company was self-seeded through a mix of consultancy and product development and did not approach VCs until February 2000. It has 30 staff, and offices in London, New York, Boston, and Sydney.
Guy Paisner - Red Herring Magazine
