Covast Closes Out $6 Million First-Round Funding From Strategic Investor LogiSpring
ATLANTA, Aug. 15 /PRNewswire/ -- While most companies are struggling to
acquire additional financing, there is one that seems to have cracked the code
on the venture capital vault. Integration software provider Covast
Corporation announced today that it closed out its first round of funding with
an additional $1.5 million adding to the $4.5 million raised in February.
Strategic investors in Covast include Gilde, Wellington, and LogiSpring.
The additional $1.5 million comes from LogiSpring, an independent,
globally active venture capital firm, investing in companies with innovative
technologies, products and/or service offerings. The firm\\\'s anchor
shareholders are TNT Post Group (TPG) and Booz-Allen & Hamilton. LogiSpring
specifically focuses on global express, logistics, supply chain management and
mail industry sectors, and companies with technologies, products or services
addressing these industries.
\\\"To secure funds during turbulent economic conditions is a credit to
Covast\\\'s strong technology and management team,\\\" said Frans van Schaik,
LogiSpring managing partner. \\\"We invest in companies that put their customers
first, have a clear vision and provide leading-edge technology. That is
exactly what we found in Covast.\\\"
\\\"With our operations continuing to expand globally, we\\\'re pleased with the
on-going investments that are being made in our company,\\\" said Daan Scheer,
Covast founder and CEO. \\\"To date, Covast has met or exceeded all of our
operational goals, and as we continue to perform in this manner, I believe
that more and more companies like LogiSpring will want to be a part of our
Covast will use the additional money for continued US expansion and
further research and development. \\\"Our early market strategy work with
GartnerGroup before entering the US market is really paying off,\\\" said Jim
Norton, Covast executive vice president and general manager. \\\"We are finding
a large number of companies interested in Covast that have been reluctant to
adopt robust integration broker technology due to the high cost and complexity
of implementation. Covast is demonstrating clear speed and cost advantages to
these early prospects.\\\"
Covast simplifies the complexity of connecting, translating and sharing
electronic documents with your customers and trading partners. Covastís
integration software provides secure and reliable connectivity to the
Internet and to VANs. In addition, our solutionsí robust capabilities
include the seamless translation of complex file formats and documents.
Covast accelerates the migration from EDI and proprietary file formats,
to new open standards such as XML. With European headquarters in the
Netherlands and U.S. headquarters in Atlanta, Covast has strategic
relationships with partners and customers including Microsoft, Compaq,
ABN AMRO, ADC, KLM, and ING. For more information, visit www.covast.com.
LogiSpring is a globally active venture capital firm, with a specific
focus on companies with technologies, products or services addressing the
logistics, supply chain management, the global express, and mail industries.
LogiSpring\\\'s investment scope generally ranges from the early stages to pre-
The LogiSpring Funds had an initial closing of Euro 103 million in July
2001, backed by LogiSpring\\\'s anchor investors TNT Post Group (TPG) and Booz-
Allen & Hamilton, and by Management.
For more information, contact Frans van Schaik at LogiSpring Management
Company S.a.r.l., Tel.: +41 22 830 2484, mobile +41 79 6353 669 or visit our
Web site at www.logispring.com.
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