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UpShot Adds $10 Million to Complete Funding

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Posted July 22, 2002 By Dan Muse     Feedback

The Mountain View, Calif.-based CRM ASP lands financing that it reports will carry it to a cash-flow positive position.

UpShot Corp., a Web-based customer relationship management (CRM) application provider, today announced that it has closed its latest round of financing with an additional $10 million. The company reports that it expects this funding to carry it to a cash-flow positive position.

According to a company spokesman, the funding will be split equally between debt ($5 million to be repaid) and equity financing. New investor ORIX Venture Finance together with ABN AMRO Private Equity, Advanced Technology Ventures, Alloy Ventures and New England Partners completed the round, which now totals $27 million.

"UpShot meets all of our investment criteria, with a market leadership position and strong growth metrics," said Michael David, principal, ORIX Venture Finance. "UpShot has been able to deliver three things that are critically important to investors in today's financing market: rapid growth, predictable revenues and happy customers."

"We're on a roll," said Keith Raffel, chairman and founder of UpShot Corporation. "Our pipeline of deals with more than 100 seats has grown by four times in the past year." Upshot says it will invest the funds to increase market awareness and to develop additional functionality.

The Mountain View, Calif.-based company has been active recently with upgrades to its flagship product. Most notably it has tightened its integration with Microsoft applications with Upshot Office and more aggressively targeted enterprise users with Upshot XE (see UpShot Mixes CRM With Microsoft Office Apps).

"Our customers tell us we have the best solution for rapidly increasing sales. We'll use these new funds to help spread the word," Raffel said.

Upshot is listed by ASPnews as a Top 20 Service Provider.


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