| Online electronics retailer etown.com
Tuesday received $22 million in second round of financing, led by BestBuy.com, the online arm of Best Buy
Co., Inc. and ZDNet.
BestBuy.com (BBY)
and ZDNet (ZDZ)
were joined by investors including Sands Brothers, Gruber & McBaine Capital
Management, Bedford Oak Partners, LP, and Valor Capital Management, LP. With
this round of financing, etown has been injected with a total of $25.5
million.
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BestBuy.com leads $22 Million Second Round Financing of etown.com million investment from the AXP Strategy Aggressive Fund, an American Express mutual fund.
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BestBuy.com leads $22 Million Second Round Financing of etown.com ::
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etown.com said it will use the funding to add more tools and functionality
to its online store. Features are set to include
enhancements to the IDA Shopping Advisor, as well as expansion of its
editorial content. In addition, etown.com will launch a consumer advertising
campaign to increase awareness of its offerings.
As part of the investment agreement, etown.com's editorial content will be
integrated into ZDNet's Equip site
and Tech Life channel.
"etown.com's editorial content meets ZDNet's high standards, and will allow
our technology-interested audience to receive the best buying advice.
etown.com's content will add
significant value to the Equip site, which enables visitors to evaluate, buy
and use consumer electronics
products to their fullest potential," said Vince Broady, general manager of
ZDNet's Consumer Division.
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