Brainspark PLC
5 June 2000
LEISUREHUB.COM RECEIVES FOLLOW-ON INVESTMENT FROM BANCBOSTON CAPITAL AND
PENTON MEDIA INC.
Brainspark plc (www.brainspark.com), the incubator focused on germinating and
developing Internet related businesses, announced today that one of its
partner companies, LeisureHub.com has successfully completed a follow-on
finance round, raising £4 million.
LeisureHub.com is a business-to-business Internet marketplace for the global
leisure industry. The site allows leisure industry professionals to buy and
sell products and services through a series of trading communities, covering
theme parks, family entertainment centres, funfairs and carnivals, pubs and
clubs and health and fitness centres.
Brainspark has been incubating LeisureHub.com since it was founded in
November 1999. LeisureHub.com officially launched in January 2000 with the
world's first online auction of a family ride. Since then, LeisureHub.com has
been generating strong revenue through the commission received from online
transactions.
The investors at this round are BancBoston Capital, part of Fleet Boston
Financial, the US seventh largest commercial bank and Penton Media Inc.
(NYSE PME), a leading business media company that produces market focused
magazines, websites, tradeshows and conferences across a number of business
sectors including leisure, hospitality and the Internet.
Brainspark has twelve partner companies, three of which have now secured a
second round of external funding.
Stewart Dodd, Chief Executive of Brainspark plc, commented:
'The follow-on investment is great news for LeisureHub.com and Brainspark. We
recently completed follow-on investments for another two of our partner
companies, Metapack and Petspark. With the investment in LeisureHub.com, we
now have a very strong affirmation for the approach we have adopted in
Brainspark to selecting quality projects for incubation and to bringing those
projects rapidly to market. We are looking forward to being able to announce
a number more similar investments in the near future.'
Tim Batstone, Chief Executive of LeisureHub.com, said:
'We are delighted to have closed this funding round with BancBoston Capital,
a leading US venture house, and Penton Media, a key International trade
partner. The funds and the added muscle will cement our first mover
advantage in this large fragmented market and allows us to ramp-up the next
phase of our global development strategy.'
Enquires:
Brainspark (020 7843 6600) Leisurehub (020 7843 6600)
Stewart Dodd Tim Batstone
David Hart David Webster
Citigate Dewe Rogerson (020 7638 9571)
Martin Jackson / Charles Vivian
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