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NetClerk Nabs $6.5 Mil In Second-Round Funding

SOUTH SAN FRANCISCO-For a monthly subscription fee, contractors and building professionals can complete and submit all their building permit applications in 1,400 cities nationwide, theplanning staff for which can process the applications at no charge.

By Becky Bergman | Updated on January 23, 2001

SOUTH SAN FRANCISCO-Locally based Netclerk Inc. is banking $6.5 million in second-round funding, bringing venture capital investment in the year-old online construction permitting firm to more than $10 million.

Sextant Group led the latest round, along with Granite Ventures and Adobe Ventures, a venture capital limited partnership of Adobe Software. Granite and Adobe also led Netclerk’s initial round of venture capital, along with Integral Capital Partners, Wheatley Partners, Osprey Ventures and Angel Investors LP.

Netclerk president Jeff Kraatz says the funding will be used to restructure the organization and help clear a path to profitability. Kraatz says the company’s revenue was “slightly under $1 million” last year and expects NetClerk to become a profitable company by next year. He declined to disclose the company’s fifth-year revenue projections.

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