Tuesday, June 3, 2008

IP Commerce Raises $17M

Denver-based payment software publisher IP Commerce Inc. announced Tuesday that it has raised $17 million in a third round of funding. IP Commerce said venture capital firm Venrock led the effort. Total Technology Ventures also participated, IP Commerce noted. Both are first-time investors. IP Commerce said it also received contributions from existing investors Meritage Funds, Appian Ventures and Iron Gate Capital. IP Commerce has secured more than $34 million in venture financing since its 2005 founding. The company said the funding will be used to grow its customer base and enhance its product portfolio. In a related move, IP Commerce said, Michael C. Brooks, a general partner with Venrock, has joined IP Commerce's board of directors. More information »