@Ventures and Mayfield Invest In Ground-Breaking
Photo Internet Startup
Initial Round of Funding for Stealth Project Closes at $7.50 Million
San Francisco and Menlo Park, CA - Dec. 13, 1999 - Mayfield Fund and @Ventures, the
affiliated venture capital arm of CMGI (Nasdaq: CMGI), today announced that they have
completed the initial $7.50 million round of venture capital funding for a photography
Internet startup. Snapfish.com, formerly code-named 'Project SkyTalk,' will offer a
revolutionary new business model in the photography market.
Snapfish.com was founded by second-generation Internet leaders from Excite@Home and Cisco Systems.
"Mayfield is committed to supporting Snapfish.com as the leader in this emerging space as
they have a unique approach to address a substantial unmet need in the consumer photography
industry," said Board Member and Mayfield General Partner Yogen Dalal.
- President and CEO Raj Kapoor had product and revenue responsibility for all e-commerce products at Excite@Home.
- Vice President of Business Development Suneet Wadhwa was responsible for major strategic partnerships and investments at Excite@Home.
- Vice President of Product Marketing Shripati Acharya was responsible for $1 billion in revenue for the Ethernet LAN switching product lines at Cisco Systems.
- Vice President of Engineering Bala Parthasarathy was a founder of iselect.com, where he led the entire Web team in building the site.
"The online consumer photography industry currently represents a $1 billion opportunity
while the untapped offline market tops $80 billion worldwide,* yet there is no strong
player in the field - no-one is successfully bringing the mass photo consumer to the Web,"
said Brad Garlinghouse, General Partner with @Ventures. "Snapfish.com is positioned to
redefine the entire category. We look forward to leveraging the synergies in the CMGI and
@Ventures network to take full advantage of Snapfish.com's superior offerings and sweeping
improvements to consumer photo services."
Other Snapfish.com investors include Harvard Business School Professor of Entrepreneurial
Studies William Sahlman, Excite@Home Senior Vice President and General Manager Charles Moldow,
and PlanetRx.com Co-Founder and Vice President of Business Development and Sales Stephanie
Schear Tilenius. Currently, Arepa.com President Ric Fulop (recently named as one of
Red Herring's top ten entrepreneurs for 1999) and William Sahlman serve on the
Snapfish.com Board of Advisors. The company is based in San Francisco, California.
Additional information is available at the company's
Web site at http://www.snapfish.com.
About @Ventures and CMGI
With more than 50 companies, CMGI, Inc. (Nasdaq: CMGI) represents the largest, most diverse
network of Internet companies in the world. This network includes both CMGI operating
companies and a growing number of synergistic investments through its venture capital
affiliate, @Ventures. CMGI leverages the technologies, content, and market reach of its
extended family of companies to foster rapid growth and industry leadership across its network,
and the larger Internet Economy. Compaq, Intel, Microsoft and Sumitomo hold minority
positions in CMGI.
CMGI's majority-owned operating companies include Engage Technologies (Nasdaq: ENGA),
NaviSite (Nasdaq: NAVI), 1ClickBrands, 1stUp.com, Activate.net, Activerse, Adsmart,
AltaVista, iCAST, Magnitude Network, MyWay.com, NaviNet, SalesLink, Tribal Voice and
ZineZone. The company's @Ventures affiliates have ownership interests in Lycos, Inc.
(Nasdaq: LCOS), Critical Path (Nasdaq: CPTH), Silknet (Nasdaq: SILK), Chemdex (Nasdaq: CMDX),
MotherNature.com (Nasdaq: MTHR), Asimba.com, AuctionWatch.com, Aureate Media, blaxxun,
BizBuyer.com, Boatscape.com, buyersedge.com, CarParts.com, CraftShop.com, eCircles.com,
eGroups.com, EXP.com, FindLaw, Furniture.com, HotLinks, INPHO/HomePriceCheck.com,
Intelligent/Digital, KOZ.com, Mondera.com, MyFamily.com, NextMonet.com, NextPlanetOver.com,
Oncology.com, OneCore.com, PlanetOutdoors.com, Productopia, Raging Bull, Speech Machines,
ThingWorld.com, Vicinity, Virtual Ink, Visto, Vstore and WebCT.
CMGI Corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810.
Telephone: 978-684-3600. Fax: 978-684-3814. Additional information is available on the
company's Web site at http://www.cmgi.com.
About Mayfield Fund
Mayfield Fund is a private venture capital partnership based in Menlo Park, California.
Since Mayfield's founding in 1969, the firm has over $1.50 billion of capital under
management, and has invested in more than 340 companies of which 85 have gone public.
Today, these Mayfield-backed companies represent an aggregate market value of more than
$100 billion. Some of Mayfield's Internet investments include AdKnowledge, BigStep, Beatnik,
BroadVision, Calico, Citrix, DoughNet, Geocast, Motley Fool, Netcentives, Nuance, NuvoMedia,
PlanetOut, Riffage.com, Tibco, VarsityBooks.com, Webmethods and Yack.com.
* Attribution Morgan Stanley Dean Witter and Eastman Kodak, respectively