Feeds

Ellison spills over beenz

Splashes out with own cash to back Net currency

  • alert
  • submit to reddit

Build a business case: developing custom apps

Larry Ellison -- deep-pocketed head-honcho of Oracle -- is one of a handful of investors to have ploughed $20 million into the UK company behind the Web currency called beenz. Although Ellison's personal contribution is being kept under wraps, it's believed to be a sizeable wedge. "As an entrepreneur, I have an appreciation for what beenz.com is trying to accomplish," said Ellison. "My company is all about innovation. beenz.com is clearly an innovator by developing a true global Internet currency." According to beenz.com, Ellison's investment provides a "solid US endorsement of beenz.com's business". The cash will be used to develop beenz on the Web and to market the product and develop new technology. The other beenz investors were Japanese communications and retailing company Hikari Tsushin, international merchant banking group Gefinor Group, French holding company Artemis SA and Euro-American venture capital firm Viventures Partners. "With funding from Hikari, Gefinor, Artemis and Viventures, and Larry Ellison investing his own money, beenz.com can make a strong statement to the marketplace that we are well on our way to creating a ubiquitous global currency for the Internet," said Philip Letts, chairman and CEO of beenz.com. Investor interest in beenz was so great it was oversubscribed 300 times, said a source close to the company. ® For more Mammonite mutterings, tune into Cash Register and turn on to our daily Net Finance News

Boost IT visibility and business value

More from The Register

next story
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Microsoft exits climate denier lobby group
ALEC will have to do without Redmond, it seems
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.