World Commerce Online Receives $8M

Interprise Technology Partners of Miami recently invested $8 million in World Commerce Online Inc.

The Orlando-based company creates communication and transaction channels shared by e-commerce companies that distribute perishable goods. The company has partnered with the Wholesale Florist and Florist Supply Organization to develop a secure e-commerce network for the floral industry.

“We are essentially a utility company that provides an environment for businesses in this industry to conduct e-commerce,” said Chief Financial Officer Kenneth Cobb. “We operate a non-biased global training model.”

Proceeds from the investment will go towards sales and marketing efforts and to grow the company. Cobb said his company promotes itself through Internet and advertising, as well as magazines and trade journals. World Commerce, which currently has 45 employees, should hire more than 50 people before the end of the year, Cobb said.

World Commerce, which was incorporated in 1992, had previously raised $1 million through angel investments. Cobb said the company will likely engage in an additional round of financing within the next six months. He added that World Commerce would likely recruit additional investors before a possible public offering.

Interprise is a $110 million fund that has committed $43 million to three companies. It invests exclusively in information technology companies.