Feeds

Ellison spills over beenz

Splashes out with own cash to back Net currency

  • alert
  • submit to reddit

High performance access to file storage

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

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.