November 4, 1999
Woodside Fund Shines With Investment
Woodside CA -- Woodside Fund has invested in Brightware, the leading
supplier of eCustomer and e-mail assistance enterprise software.
Woodside Fund’s investment completes Brightware’s Series D financing
of $14.6 million. Investors in the round include CDIB Ventures,
BT Alex Brown, UOB Ventures, and Concord Venture Capital, as well
as prior investors Norwest, Venrock, and Advanta.
Brightware, located in Novato, CA, is a rising star in a hot Internet
business category – eCustomer and e-mail answering services. Due
to the astronomic increase in the volume of e-mail and Web queries,
many businesses are unable to effectively manage the burden and
cost of the response. Brightware automates the process of responding,
which enables companies to minimize the number of employees handling
e-mail, and improve productivity from e-mail communication, an increasingly
vital communications tool to attract and retain customers.
Woodside Fund Principal Daniel H. Ahn anticipates attractive returns
from their investment in Brightware. "We see a major opportunity
for our investors in Brightware because their products provide a
superior integrated solution, and offer the most comprehensive solution
for eCustomer assistance," says Mr Ahn.
The growth of the automated e-mail services market was a key factor
in Woodside Fund’s decision to invest in Brightware. At $42 million
in 1998, the market is expected to grow at a compound rate of 116%,
to $2 billion worldwide by 2003, according to a study by International
Data Corporation (IDC), a technology analysis firm in Framingham,
MA. Founded in 1997, Brightware has captured 24.4% of worldwide
revenues, and 48% of the European market based on 1998 revenues,
according to IDC.
Woodside Fund is a leading early stage venture capital firm dedicated
to building industry-leading information technology enterprises,
in partnership with exceptional entrepreneurs. The investment professionals
at Woodside Fund have decades of business startup and management
experience in information technology. This enables the Fund to serve
as the lead or co-lead investor in most of its portfolio companies,
and take an active role in building industry leading companies.
Woodside Fund principals typically serve as board members of the
companies in which they invest.
Founded in 1983, Woodside Fund has one of the longest and strongest
track records of success in early stage venture capital investing.
All Woodside Funds have performed in the upper quartile of the industry
for venture capital partnerships formed in their respective years.
Woodside Fund’s latest partnership, Woodside Fund IV, invests between
$4 and $7 million in primarily early stage companies in the following
areas: Internet and electronic commerce, computer software, telecommunications,