Ellison spills over beenz
Splashes out with own cash to back Net currency
Larry Ellison, the 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
Sponsored: Becoming a Pragmatic Security Leader