Whereoware Completes $3.5 Million Round of Early Stage Financing

Furniture World Magazine

Whereoware, a business-to-business Web site for the home accents, gifts and collectibles industry, announced this week that it completed a $3.5 million round of early- stage financing to supplement its internal financing. "This round of financing validates the strength of our business model," said CEO Ben Johns. "It enables us to move forward with promoting the site to the retailers, suppliers and sales representatives who stand to benefit from our services." In May, Whereoware announced the closure of its $2.5 million round of seed funding and looks to close an additional $3 million of funding within the next month. The Web site went live in June and currently has signed up more than 150 suppliers representing more than $600 million in potential sales. Whereoware also announced this week that it formed a strategic partnership with Peregrine Systems, formerly Harbinger Corporation. Peregrine will provide portal infrastructure software, application hosting and trading community integration services to Whereoware. Johns is the founder of Whereoware and former president and co-owner of The Bacova Guild, Ltd., a manufacturer and retailer of specialty items. He grew the company from sales of $500,000 in 1981 to $51 million in 1998. Burlington Industries purchased BACOVA in 1995. Whereoware serves a fragmented $16 billion wholesale home accents, gifts and collectibles industry by enabling members to streamline their buying and selling practices with minimal alteration of existing business routines. Whereoware provides specialty retailers with access to more efficient order processing and communication with suppliers as well as an expanded number of suppliers and array of available goods. Retailers, suppliers and sales representatives interested in finding out more can go to www.Whereoware.com or call toll-free - 877.520.4357.