By Deborah Gage, Dow Jones VentureWire
TomorrowVentures, the venture firm backed by Google Inc. Chairman Eric Schmidt, has invested an undisclosed amount of money in Cortera Inc., VentureWire has learned.
Cortera provides intelligence on private companies to small business owners who need an affordable service to research their customers and collect on bills.
“They’re a little later stage than a lot of our investments, but we’re really impressed,” said TomorrowVentures Investment Counsel Brad Holden. “It’s a big market with an entrenched market leader [Dun & Bradstreet Credibility Corp.], and we think Cortera will be disruptive.”
The new money is part of a first round that Cortera began raising in December 2006 when it was a credit analysis software company known as eCredit.com, according to Cortera Chief Executive Jim Swift. Under Swift’s direction, Fidelity Ventures, where Swift was a partner, acquired eCredit.com from its previous investors and gave the company $11 million in working capital.
A little over two years later, in April 2008–operating under a tweaked business model and a new name–Cortera raised another $8 million from Fidelity (now known as Volition Capital), Battery Ventures and CIBC Capital Partners, according to VentureWire archives.
More recently, Cortera raised an undisclosed amount of money from insiders, Swift said. He also expects to announce more venture investors over the next couple of months. Other current investors in Cortera include Garvin Hill Capital Partners and Allen & Company. The company is now valued at between $50 million and $80 million, Swift said.
Media Inquiries: please contact Alex Coté at 857-403-1370.