CMGI @Ventures Comes Together for $30M Idapta Deal

Yet another b-to-b infrastructure company hit venture pay dirt last week as Idapta Inc. netted $30 million in a second round funding. Although participants said that the infusion should sufficiently capitalize the Atlanta-based issuer, plans remain to raise an additional $30 million to $50 million in a strategic Series C round later this year.

CMGI @Ventures, which also led Idapta’s debut deal, took the lion’s share with a $24 million investment. This time around, however, Idapta sold its equity to a much more diversified buyer as @Ventures’ Technology Fund and B2B Fund joined existing investor @Ventures III on the deal. The collaboration marked the first time that multiple @Ventures vehicles have participated in the same transaction.

“The Tech Fund reasonably argued that the company could be a technology play, the B2B Fund had an obvious case to make and @Ventures III could argue that they already had a stake and were entitled to participate as a pro rata investor coming forward,” said Guy Bradley, general partner with @Ventures. He added that each fund plugged $8 million into the deal.

The only other institutional player involved in the deal was existing investor SAP.

Idapta’s decision to stick with @Ventures as the lead investor was based primarily on the venture giant’s proven commitment to the issuer’s product, and its general understanding of the infrastructure market. It also didn’t hurt that @Ventures recently announced that it would recommend Idapta software solutions to its portfolio of “e-Market-maker” companies.

“We could have gone out and done a dream syndicate VC lineup or do something strategic like this with CMGI,” said Biri Singh, founder and chief executive of Idapta.

Idapta, previously known as Intelligent/Digital, provides enterprise-level software platforms and trading applications upon which a b-to-b firm can build its online marketplace. It has already begun shipping product and recently announced that it has signed up a quartet of customers including GlobalFoodExchange.com and TireDex.com.