ACTON, Mass. - August 30, 1999 - Yantra Corporation announced today the closing of its latest round of venture financing in late June 1999, a $15.25 million investment from a consortium lead by Rho Management and Boston Millennia Partners. Participating in this financing round were previous Yantra investors Charles River Ventures, Hambrecht & Quist, One Liberty Ventures, Draper International, Don Feddersen and Comdisco Ventures. This round will be used to grow Yantra's sales, marketing and professional services infrastructure in support of the company's expansion in the Internet fulfillment market.
"Delivering on the promise of Internet commerce is the most critical business issue faced by businesses today," said Habib Kairouz, managing director of Rho Management. "While most e-commerce companies have spent the last two years focusing most of their efforts and capital on customer acquisition and branding, they are now awakening to the realities of having to fulfill on the customer promise, i.e., delivering the right items to the right customer at the promised time. This will be a key differentiator among the large number of e-commerce companies fighting for market share."
Yantra's first round of venture funding closed in September 1997 at $3.75 million. The second round closed in August 1998 at $6.0 million. This brings the total venture funds raised by Yantra Corporation since its formation to approximately $25 million.
Yantra's investors include: Charles River Ventures, Rho Management, Boston Millennia Partners, Hambrecht & Quist, One Liberty Ventures, Draper International, and Comdisco Ventures.
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