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Mass High Tech - October 23, 2006
Mall Networks Closes Second $2M VC Round
By Chris Calnan
Lexington’s Mall Networks Inc. says it has completed its second round of private equity funding.
Mall Networks, which raised $2 million in its latest round, will use the new capital to support product development and marketing efforts as well as to accelerate new client acquisition, officials said.
The Venture Capital Fund of New England led the funding round, with existing backers IDG Ventures Boston and LBO Enterprises increasing their initial investments. In addition to the funding, Carl Novotny, managing director of the Venture Capital Fund of New England, joined Mall Networks’ board of directors, company officials say.
Mall Networks, founded in 2005, builds and manages online malls tailor-made for partners such as professional sports teams, credit cards and banks, rewards programs and membership organizations.
Customers include the Arizona Diamondbacks, the Los Angeles Dodgers, NASCAR RacePoints and Epilepsy.com.
In March, Mall Networks reported receiving $2 million during a first round of funding from IDG Ventures Boston, for a total of $4 million in venture capital raised.
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