Ofoto, Inc. Raises $16 Million In Funding
Jan 20, 2000 at 04:00 GMT
Some good news for one of our sponsors: Ofoto, Inc. Raises $16 Million In Funding Led By The Barksdale Group and Benchmark Capital E-Commerce Start-Up Brings Together Top Tier Venture Capital Firms To Lead Online Photo Finishing Market.
Ofoto, Inc. Raises $16 Million In Funding Led By The Barksdale Group and Benchmark Capital
E-Commerce Start-Up Brings Together Top Tier Venture Capital Firms To Lead Online Photo Finishing Market
Berkeley, Ca, January 19, 2000 � Ofoto Inc. (www.ofoto.com), the premiere e-commerce provider of photo finishing services, today announced it has received $16 million in first-round funding from leading venture capital firms, The Barksdale Group and Benchmark Capital as well as selected angel investors. In addition, Peter Currie, partner of The Barksdale Group, will join the Ofoto Board of Directors. This investment will enable Ofoto to further expand its business development, marketing and sales efforts for its online photo finishing service.
Ofoto is an online photo finishing service offering millions of digital camera and scanner owners, along with their friends and family, a convenient way to order high-quality, photographic prints of their own digital images. Additionally, Ofoto provides its members access to secure online photo storage and the ability to create albums in an advertising-free environment, all at no cost.
�The Barksdale Group and Benchmark Capital make an unbeatable combination,� said Lisa Gansky, chairwoman, Ofoto. �We are surrounding ourselves with the very best team, which will allow us to provide our customers and partners with the very best service possible. We are counting on the relationships, management experience and the ability of both The Barksdale Group and Benchmark Capital to grow companies in Internet time to take Ofoto to the next level.�
�The Barksdale Group strongly believes that the photo industry is being revolutionized by the Internet,� said Jim Barksdale, partner, The Barksdale Group. �After considerable research in the space, we decided to invest in Ofoto largely because of the outstanding team and its already proven ability to execute in the Internet landscape.�
Ofoto successfully launched last month into the online photo finishing market with overwhelmingly positive customer feedback on the service and the quality of the photographic prints, which are processed in Ofoto�s own state-of-the-art digital photo finishing lab. Ofoto achieves its unparalleled quality using proprietary imaging enhancing software and printing on the highest quality Kodak paper available for digital photo processing.
Ofoto remains focused on customer satisfaction. The company intends to continue to incorporate customer feedback into the further expansion of their products and services, while also being conveniently accessible from wherever people want to order high quality prints of their digital pictures.
"Benchmark Capital is excited to add Ofoto to our portfolio of companies," said Kevin Harvey, Partner, Benchmark Capital. "We chose to invest in Ofoto because we believe their technology, partner-friendly approach, and customer-focused service will be the leading solution for millions of people everywhere."
The Ofoto Board of Directors and the Ofoto team are comprised of successful Internet veterans who are as passionate about digital photography, as their customers. Gansky was founder and CEO of Global Network Navigator (GNN), an Internet Service provider and the first commercial Web site. Following the acquisition of GNN by America Online, she continued as Vice President of the company, overseeing Internet-specific properties and strategies including Webcrawler, online advertising and e-commerce. Ofoto�s Board of Directors also includes James Joaquin, president and CEO, who co-founded When.com, the leading Web-based calendar and events service that now powers the AOL 5.0 calendar used by millions and Kamran Mohsenin, founder and Chief Product Officer, who was founder and CEO of Tunes Network, the Web�s largest song archive comprised of over one million song clips, that sold to rollingstone.com and was renamed Tunes.com.