Business Technology Center client receives $6 million funding

Los Angeles County Community Development Commission

For Immediate Release

 

Contact:  Elisa Vásquez, (323) 890-7415, elisa.vasquez@lacdc.org

 

Business Technology Center of Los Angeles County client, Perfect Market, receives $6 million third round funding

 

Funding round lead by Tribune Company and includes Trinity Ventures, and Rustic Canyon Partners

 

March 3, 2010 – Altadena-based Business Technology Center of Los Angeles County (BTC), one of the premier business incubators in the Country said that its client company, Perfect Market, has raised $6 million in a Series C funding round.  Julie Schoenfeld, CEO, stated that the funding round was led by Tribune Company, and also included Trinity Ventures, and Rustic Canyon Partners.  According to Perfect Market, the new funding will be used for marketing and deployment of its solutions.  Perfect Market, is developing technology to help publishers monetize their long tail content. Perfect Market said that the Tribune Company has been using its product on a number of its web properties. As part of the funding, Dan Kazan, Senior Vice President of Corporate Development at the Tribune Company joins the company's Board of Directors.

Mark Lieberman, Manager of the BTC’s operations stated, “This is just one of the examples where the BTC services and facilities are a major benefit to our clients. We are very proud of Perfect Market and pleased to see entrepreneurs taking the lead to show that it is possible to grow a business in this difficult economic environment.”  Overall, BTC client companies have raised over $140 million during their incubation period and more after their graduation from the facility.

Julie Schoenfeld added that, “The BTC has provided just the right landing place for us during this critical period of our growth. We are very pleased to be here and a participant in the BTC acceleration program.”

The BTC is a project of the Los Angeles County Community Development Commission and an internationally recognized technology incubator located in Altadena. In operation since 1998, the goal of the BTC is to assist in the development of new technology businesses through steady, controlled growth and the creation of local and regional jobs. The BTC provides access to a variety of business advisory services, venture capitalists, angel investors and resources at area colleges and universities so that nascent, early stage technology companies have a better opportunity to bridge the gap between research and development and commercialization. The philosophy is that by providing assistance to clients in meeting business growth challenges, companies can focus on achieving milestones and successfully reach intended long-term goals and create local and regional jobs.

For additional information on the BTC, please contact Stan Tomsic at (626) 296-6307 or for additional information on Perfect Market, please contact Julie Schoenfeld at (626) 296-6220.