CIMdata PLM Industry Summary Online Archive
30 June 2004
Company News
ReShape Secures $12 Million in Series C Funding
ReShape Inc. announced the closing of a $12 million Series C round of funding. American River Ventures (ARV) led the round, which included the Bay Area Equity Fund managed by JP Morgan Chase & Co., and existing investors New Enterprise Associates and Canaan Partners. To date, ReShape has raised a total of $31 million in funding.
The company will use the proceeds of the round to expand their sales and customer support capability worldwide and to build operational infrastructure to support rapid growth.
ARV managing partner Corley Phillips will join the ReShape Board of Directors, which also includes Mark Perry of NEA; Jim Furnivall of Canaan Partners; Moshe Gavrielov of Verisity; David Gregory, Chairman; and Jim Douglas, president and CEO of ReShape.
American River Ventures (ARV) is an early-stage information technology venture capital firm that focuses on bringing value and experience to high-growth information technology companies throughout the Western United States. More information can be found at http://www.arventures.com or by calling (916) 780-2828.
The Bay Area Equity Fund is a double-bottom line fund whose goal is to deliver market-rate venture capital returns to investors while generating significant social returns to the communities around its portfolio companies. The Fund invests in the economic strengths of the Bay Area, focusing on growth companies in the technology, healthcare and consumer goods and services sectors. The Fund makes investments primarily in private, mid-to-late stage companies located in or near low-to-moderate income neighborhoods of the 10-county Bay Area.
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