|Here, let's chew on this for a little bit...|
CheckSpace, Inc. Storms Into ePayments Industry With $11 Million First Round
Venture Capital Backing
SEATTLE, Oct 11, 2000 /PRNewswire via COMTEX/ -- CheckSpace, Inc., the premier
ePayments service for small businesses, their vendors, and customers, today
announced the Company has secured $11 million in an oversubscribed Series A
round of funding. The funding is led by Voyager Capital, a leading Seattle
e-business venture firm. The Company also announced that its services are now
available nationwide at www.checkspace.com < checkspace.com >.
In only seven months, the Company has built a world class team, developed the
first version of the CheckSpace ePayments service, completed testing with over
two hundred customers, and raised its first round of funding.
Today, the Company emerges with a best-of-breed service and team led by Chief
Executive Officer and Co-Founder, Naseem Tuffaha, the former Director of Web
Services at Microsoft, and Co-Founder and Chief Technology Officer, Balsam
Saliba, the Co-Founder and former Chief Technology Officer of TransPoint, who
holds twelve issued and pending patents in e-commerce technology. Together they
assembled a team with extensive experience building electronic payment
solutions, enlisting industry and technology experts from Bank of America, First
Data Corporation, TransPoint and Microsoft and an advisory board with experience
at Visa, Netscape, Ariba, marchFIRST, First Data and Microsoft.
"The CheckSpace team found a glaring need and demonstrated tremendous speed and
market savvy in addressing it," said Erik Benson, a partner with Voyager
Capital, "Their experience developing world class online payment services for
Fortune 500 companies will be invaluable as CheckSpace brings the benefits of
ePayments to small businesses. That, combined with Voyager Capital's expertise
in business to business e-commerce, makes us confident CheckSpace will become
the leader in the ePayment industry."
CheckSpace capitalizes on the inefficiencies of paper-based invoice and payment
processes, the dramatic growth of small business Internet use, and the emergence
of small business-to-small business e-commerce opportunities to solve a problem
that small business owners experience on a daily basis: getting paid.
"Managing cash flow is one of the most important issues small business owners
face. The only thing more valuable to small businesses than time is money," said
Naseem Tuffaha. "Our goal is to bring the time and money-saving advantages of
ePayments to both brick-and-mortar and e-commerce small businesses. CheckSpace
enables small businesses to get paid faster and substantially reduce time spent
sending invoices and processing payments."
To deliver the highest level of security, CheckSpace uses proven encryption
technologies and stringent verification procedures to prevent fraudulent access
to members' bank accounts and protect the privacy of their information.
Additionally, each CheckSpace member is protected against fraudulent activity by
insurance from Lloyd's of London Cyber Liability Protection program.
Participating in the Voyager-led first round is Northwest Venture Associates,
Kellet Investment Corporation, and Staenberg Venture Partners. Also investing
are prominent angel investors with a history of identifying promising market
opportunities and helping to grow some of the highest valued Internet
businesses, including: Boris Putanec, Co-Founder, Vice President of Corporate
Strategy of Ariba, Inc.; K.B. Chandrasekhar, Founder of Exodus Communications,
currently Co-Founder, CEO, and Chairman of the Board of Jamcracker, Inc.; Sam
Jadallah, Managing Director, Internet Capital Group and former Vice President of
Sales and Marketing at Microsoft; Robert Pollan, Managing Director, Internet
Capital Group; and Scott Oki, former Senior Vice President of Sales and
Marketing at Microsoft.
CheckSpace is the premier ePayments service for small businesses, their vendors,
and customers. CheckSpace's secure payment service provides an alternative to
paper checks and enables electronic payments between any two parties with email
addresses and U.S. bank accounts. By streamlining the payment process and
increasing cash flow management efficiency, CheckSpace assists small businesses
in making educated financial decisions. Utilizing members' existing bank
accounts, CheckSpace offers free memberships, flat transaction fees, and
integration into major small business accounting software programs and
productivity applications, such as QuickBooks and Microsoft Office. CheckSpace
supplies an array of tools, such as the Quick View, that give small businesses
better information about their transactions and cash flow. For more information
about CheckSpace, or to view the service demonstration, please visit
www.checkspace.com < checkspace.com >.
About Voyager Capital
Voyager Capital is an e-business venture capital firm. With $265 million under
management, Voyager has invested in companies such as Avenue A, CapitalStream,
ClearCommerce and Q-Sent. Voyager's focus is on early stage investments with a
concentration on business-to-business e-commerce, Internet, and wireless
companies. Beyond capital, the firm's managing directors' extensive industry
experience in building businesses contributes substantial value to Voyager's
portfolio companies. The team brings to portfolio companies more than 55
combined years of venture capital, senior management and business development
experience in the information technology (IT) industry. Voyager is headquartered
in Seattle, Washington, with an office located in Palo Alto, California. For
more information, visit Voyager Capital's Web site at <
SOURCE CheckSpace, Inc.
CONTACT: Daniel P. Mullen of Barokas Public Relations,
206-264-8220, or firstname.lastname@example.org, for CheckSpace, Inc.; or
of CheckSpace, Inc., 206-839-8621, or email@example.com
(C) 2000 PR Newswire. All rights reserved.
INDUSTRY KEYWORD: MLM
SUBJECT CODE: FNC
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