Vindicia Press Releases
Vindicia Raises $5.6 Million in Series C Financing from Leader Ventures and DCM
Investment to Fuel Next Phase of Growth; Company Delivers Innovative On-Demand Billing and Fraud Management Solution
SAN MATEO, Calif. — March 31, 2008 — Vindicia, a leading provider of on-demand payment management software, today announced that it has secured $5.6 million in series C financing. Leader Ventures co-led the financing in partnership with existing investor, DCM. Vindicia has raised a total of $8.7 million in equity since its inception.
Vindicia also announced today that it has added a fraud screening module to its solution, enabling online merchants to adopt the more sophisticated commerce models required to build revenue (see related release, “Vindicia Delivers Next-Generation Billing and Fraud Management Offering for Online Merchants.”) The Vindicia fraud screening module helps merchants identify and manage true fraud while limiting revenue-inhibiting “false positives.” By optimizing the true fraud chargeback rate, merchants can focus on growing customer acquisition rates.
Vindicia is led by e-commerce veteran, Chairman and CEO Gene Hoffman. Before Vindicia, Hoffman co-founded eMusic – the world’s largest retailer of independent music and second-largest digital music retailer overall. At eMusic he held senior management roles including president and CEO and was a highly visible advocate for the distribution of music on the Internet.
“With the trend toward subscription business models, online merchants have significant opportunities to improve revenue streams, control fraud and increase customer retention. Our goal is to provide the payment infrastructure solutions they need to build online revenue,” said Gene Hoffman, Chairman and CEO of Vindicia. “We’re thrilled to have Leader Ventures join DCM on our investment team, and assist us on this journey to help merchants take full advantage of the new commerce model.”
“Today’s online world is driving a new mode of commerce. For online merchants, no decision is more strategic than implementing an effective billing system. They need a solution that will allow them to focus on delivering great products and services and not be mired down by inefficient billing technology,” said Patrick Gordan, Managing Director at Leader Ventures. “Vindicia is at the forefront of this movement with a solution that has been used in more than a dozen different online markets and by some of the best known brands on the Internet. With their management team, business model and technology vision, we anticipate significant opportunities for the company in a variety of market segments.”
About Leader Ventures
Leader Ventures is a private investment firm providing debt and equity financing to a diversified portfolio of private and public companies. With offices in San Francisco and Menlo Park, the firm invests primarily in the U.S. and employs a variety of loan and equity structures to invest in companies at different developmental stages, across diverse industry segments. For more information, please visit www.leaderventures.com.
About DCM
DCM is an early stage venture capital firm supporting entrepreneurs building world-class technology companies. The firm’s partners manage US$1.6 billion and have funded leading technology companies including 2Wire, 51job, @Motion (Openwave), About.com (The New York Times Co.), All About, Arroyo (Cisco), Clearwire, Dang Dang, eDreams (TA), Foundry Networks, HireRight, Internap, IPivot (Intel), JCI, Neopath Networks (Cisco), Neutral Tandem, nQuire (Siebel), PGP Corporation, Recourse Technologies (Symantec), Sigmatel, SMIC, Sling Media (EchoStar), VanceInfo and Vimicro. DCM offers hands-on operational guidance and access to an extensive network of resources, including close relationships with many of the Pacific Rim’s leading companies and investors. For more information, visit www.dcm.com.
Contacts:
Randy Wambold
CHEN PR
781-672-3119
rwambold@chenpr.com
Sanjay Sarathy
CHEN PR
781-672-3119
ssarathy@vindicia.com
About Vindicia
Vindicia offers an on-demand strategic billing solution for marketing and sales that manages subscriptions and one-time payments for online merchants. We work with some of the best-known brands on the Internet, including Symantec, Activision Blizzard, Intuit, and Atari/Cryptic. As an externally audited PCI Service Provider and a SAS 70 Type II company, Vindicia securely handles online revenue of over a billion dollars annually. For more information, visit www.vindicia.com.
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