Progress Partners Secures $5 Million Series A Financing for Worktopia
November 1, 2007
MSNBC.com
BOSTON, MA and NEW YORK, NY -
Worktopia (www.worktopia.com),
an online meeting booking service focused on facilitating meeting
space in hotels, conference centers, business centers and other
venues, announced it has completed a $5 million Series A financing
round. DFJ Gotham Ventures led the round, with participation by
Milestone Venture Partners and High Peaks Venture Partners.
Boston-based
Progress Partners (www.progresspartners.com),
with directors who are registered representatives of New York-based
Brill Securities, Inc., arranged financing on behalf of Worktopia,
serving as exclusive financial advisor to the company.
Progress Partners
is a firm that specializes in digital/new media. As vertical
experts, the firm provides investment banking(1), business
development and strategic consulting services to companies that
range from early- to mid-stage growth companies to major media
holding companies, to build and realize business value.
"Progress Partners
provided first-class service, introducing our company to the right
venture capital firms and running a process that helped us secure
the appropriate amount of capital from value-adding investors," said
John Arenas, CEO of Worktopia. "We are extremely pleased with the
results of their efforts and consider their fee a very wise
investment."
"We value our
relationship with Progress Partners because they have a very good
sense of early stage companies that we would consider investing in,
and Worktopia definitely matched our criteria," said Jed Katz,
Managing Director, DFJ Gotham Ventures.
"As a
vertically-oriented firm focused on businesses in the digital media
and web-based services markets, we meet with and evaluate a lot of
companies. Worktopia stands out among them, as a solid company with
a strong solution, for an emerging need: helping meeting planners
organize and conduct meetings for fewer than 100 participants," said
Nick MacShane, Senior Managing Director of Progress Partners.
"Worktopia now has first-rate financial backers to help it succeed
in the $24 billion market for small meetings," said MacShane.
With over 1,800
properties in 150 U.S. cities, Worktopia is the only service that
brings meeting planners and meeting space together, online in real
time. For more information on Worktopia, go to
www.worktopia.com
(1) Nick MacShane and Andrew
Clarke of Progress Partners, are registered representatives of Brill Securities, Inc., 152 West 57th Street , NY , NY , 10019 , Member FINRA/MSRB/SIPC, through which all investment banking activities are conducted.
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