Venrock Readies Follow-On Rounds

Venrock Associates, the venture capital affiliate of the Rockefeller family, has hit the ground running in the new year. In addition to closing several new deals, the New York and Palo Alto, Calif.-based firm is preparing follow-on rounds for Space.com and General Bandwidth, said general partner Ray Rothrock.

Having funded the launch of Space.com to the tune of $10 million alongside Greylock Management early last year (PEW Aug. 9, 1999, p. 1), Venrock is in the midst of a second round for the firm. Space.com is developing a portal geared toward all things space, with a particular emphasis on news, information, entertainment and education. Further details on the planned financing were unavailable.

In addition, Venrock and U.S. Venture Partners were primary contributors to an $18 million financing in Cando.com, a Web site that targets the handicapped population with services that are available over the Internet. Patrick Latterell was the Venrock partner on that deal.

The firm has also committed capital to Arzoon.com, which is an online shipping exchange that raised a total of $7 million. Venrock is the first institutional money in the venture, committing $5.5 million to the deal. Terence Garnett was the lead partner on the deal. Finally, the firm again partnered with U.S. Venture Partners to commit $11 million – $5.5 million each – to Printnation.com, a business-to-business portal for the printing industry. Rothrock said the company deals in the ink, paper and equipment needed for printing, rather than handling the printing like Noosh.

“That is a huge industry that is Internet-connected,” Rothrock said. “The company is taking off, they did $100,000 in revenue in December, January was $300,000 and February will be another double.”