"This financial backing will assist us in meeting our goals for 2002, which include achieving both bottom line and cash-flow profitability," Bill Sullivan, the company's chairman and CEO, said in announcing the funding.
Investors again include some of SiteStuff's customers: CB Richard Ellis, Insignia/ESG, Jones Lang LaSalle Inc. and Trammell Crow Co. or better known to the industry as the Octane Alliance. Venture capital firms Centerpoint Ventures, Rho Management and Sevin Rosen Funds also have invested in SiteStuff.
Thursday's announcement did not detail who invested in the latest round other than say that $4 million came from new investors. The company has raised more than $50 million in funding, the bulk in a $40-million round in August 2000.
SiteStuff provides online ordering of supplies used in office buildings and other commercial real estate properties. The idea is to save time and money by streamlining the ordering process. The company says it has registered more than 3,600 properties and has processed more than 50,000 purchase orders. It says the average number of purchase orders has grown from 2,500 in first quarter 2001 to 6,000 per month in the fourth quarter.
Sullivan, who replaced founder Michael Stewart as CEO and chairman earlier this year, had been at Chicago-based Jones Lang LaSalle as executive vice president of capital investments and technology and a director of the company. He resigned those posts in September.
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