FOR IMMEDIATE RELEASE
Contact: Drew Blakeman
Kratz & Jensen Inc. for MyPrimeTime, Inc.
212-979-2700 ext. 251
MyPrimeTime, Inc., a Leading Online Convergence Network,
Secures $25 Million Second-Round Equity Financing
Venture Capitalists Sequoia Partners and Hummer Winblad Lead Financing of Internet Company Targeting Baby Boomers.
SAN FRANCISCO, Feb. 1, 2000 - MyPrimeTime, Inc., (MyPrimeTime) the leading
interactive media company targeting adults aged 35 to 54, said it completed
a $25 million round of venture-capital funding that will accelerate its
growing audience reach and contextual e-commerce technology development.
The company, whose www.myprimetime.com website launched last October as
the first step in its multiplatform strategy to reach the 81 million-strong
Baby Boomer market, said the funding will provide the gas to rapidly expand
its growing web and broadcast distribution, its proprietary broadband
contextual commerce technology and its suite of life-management tools
and content applications.
MyPrimeTime's second round of equity financing is led by Sequoia Partners,
a California-based venture capital company. Other investors include Hummer
Winblad Venture Partners, Blue Chip Capital, Presidio Ventures Partners,
Odyssey Research and W.R. Hambrecht. Hummer Winblad led the company's
first-round financing last June. The total equity capital investment in
the company now stands at more than $30 million.
"We plan to use this investment to power our convergence strategy, and
to reach the millions of people who actively want to improve their lives,"
said Craig Forman, co-founder and CEO. "This round ensures that our tools,
content and technology - which serve as a 'personal trainer for life'
will reach the vast majority of these millions of users."
MyPrimeTime will produce and distribute original television and radio
programming that, like the content currently being developed for the myprimetime.com
Web site, is geared toward the needs and interests of millions of people
in their 30s, 40s and 50s. Later this month, the company will be moving
to new office space in San Francisco's South of Market/Multimedia Gulch
area that features state-of-the-art video and audio production facilities. "MyPrimeTime.com has a jump start in the convergence between TV and the
PC, and its experienced management team - grounded in the broadcast news,
internet and e-commerce worlds - ensures the company's position as the dominant network for Baby
Boomers," said Richard Borenstein, of Sequoia Partners, who joins venture
capitalist Ann Winblad on MyPrimeTime's board of directors.
"This audience is composed of distinct and unique individuals. In the
coming months we will be introducing features that are increasingly focused
on the individual needs and concerns of this dynamic generation, which
set so many trends - chief among them personal growth," said Helen Whelan,
MyPrimeTime cofounder and president.
About MyPrimeTime, Inc. and myprimetime.com
Empowering people between ages 35 to 54, myprimetime.com is a Web site
that provides 81 million Americans with a voice - as well as tips, tools
and even a little inspiration to help them make positive changes in their
lives. The four principal content areas on the site are Money, Work, Health
and Play. Users get finely edited content to help them reach their goals,
including how to accelerate a savings plan, slow the aging process, start
a business and plan the vacation of a lifetime. According to MyPrimeTime
Co-Founder and Editorial Director Donald Van de Mark, the myprimetime.com
Web site is "a personal trainer for your life." MyPrimeTime, an integrated
media company, is based in San Francisco, CA.
The company was founded in June 1999 by a group of former CNN executives,
and its management team now includes senior people from Inktomi Corp.,
Disney and Ziff-Davis. Its corporate partners include Fidelity Investments,
PBS's Nightly Business Report and NewsReal Inc.