September 15, 2008
CrossLoop Secures $6 Million Series B Funding to Expand Global Tech Support Marketplace
CAMPBELL, Calif., Sept. 15 /PRNewswire/ -- CrossLoop, Inc., which has built the world's largest network of computer support and training professionals offering personalized help using its award-winning desktop sharing software (http://www.crossloop.com/), today announced that it has raised a $6 Million Series B round of financing led by Venrock, a premier venture capital firm founded by the Rockefeller family, and has added two new members to its Board of Directors. El Dorado Ventures, which led the company's Series A financing, joined the round.
Richard Moran, a partner at Venrock and 25-year Silicon Valley veteran, joined the Board along with Andre Haddad, CEO of Shopping.com (an eBay company) and prior SVP of product at eBay.
CrossLoop, which enables individuals and small businesses to receive technical support and computer training through free desktop sharing software, will use the funding to advance product development and expansion, as well as for sales and marketing.
"As technology becomes complex and ingrained into every facet of our lives, both at work and at home, it is important for users to have immediate and affordable access to support solutions from professionals who care about their problems," said Venrock's Moran. "CrossLoop is becoming the go-to marketplace for individuals and small businesses in need of technology support and for professionals who are looking to share their expertise and expand their client base."
"CrossLoop has put tremendous effort into boosting its marketplace to over one million users spread across 190 countries by leveraging social media tactics and engaging its community in its growth," said Haddad, who built a name for himself in the world of global online marketplaces through his work at eBay and iBazar, which was sold to eBay for $140 million in 2001. "I admire the company's tenacity and dedication to building a much-needed global marketplace for tech support online, and look forward to working with them to expand this base and its offerings even further."
Launched in late 2006, CrossLoop (http://www.crossloop.com/) provides software that helps connect people with trusted contacts -- both friends and professional service providers -- to provide technical support, training and collaboration. Recognizing that technology support has historically been a difficult and expensive process, this year CrossLoop introduced the Help Marketplace, a community of trusted technical experts ranging from independent specialists to engineers at large tech support companies.
By visiting CrossLoop.com, those needing help can quickly identify the support professional they need to solve their problem and get immediate help remotely. With over 10,000 user-rated professionals in more than 130 countries, CrossLoop offers technical support and training for thousands of different software programs and a broad selection of hardware and networking related issues. Professional service fees start at just $5 an hour and average $50 an hour -- just a fraction of traditional tech support service fees.
"We are excited to partner with our new Board members and investors to redefine how people get help on their computers by bringing low price, convenience and selection directly to the consumer and small business anywhere and everywhere," said Lisa Alderson, president and CEO, CrossLoop, Inc. "The customer response has been overwhelming, with over 90 percent of users finding immediate success. We have hundreds of Helpers standing by, ready to help right now."
CrossLoop (http://www.crossloop.com/) is a consumer Internet company that makes helping other people fast, friendly and cost-effective by empowering any two people anywhere in the world to connect live via computer. Through its easy-to-use desktop sharing software and global, user-verified Help Marketplace, CrossLoop connects computer users with trusted, qualified service providers and friends who can provide the support they need quickly and conveniently. Available in 21 languages and used by individuals and businesses in over 190 countries, CrossLoop serves over 1 million unique users and has enabled more than 50 million "help minutes" to provide technical support, training and collaboration around the globe. CrossLoop is backed by Venrock (http://www.venrock.com/), El Dorado Ventures (http://www.eldorado.com/) and Altura Ventures (http://www.altura.com/). For more information, please visit http://www.crossloop.com/.
Venrock is a premier venture capital firm with offices in Palo Alto, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $2.2 billion in 417 companies resulting in 124 IPOs over the past 39 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Check Point Software, DoubleClick, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock's website at http://www.venrock.com/.
About El Dorado Ventures
El Dorado Ventures (EDV) is a leading entrepreneur-focused, early-stage venture capital firm with over two decades of success. Entrepreneurs see EDV as a trusted investment partner who shares their vision and helps them succeed by providing ongoing strategic guidance and access to a wealth of industry contacts. With $750 million in capital under management, the firm invests across the information technology spectrum, from semiconductors and systems to communications, software and services, targeting both consumers and the enterprise. El Dorado's early-stage investments have included Compellent Technologies, Cyras Systems, EarthLink, Efficient Networks, Novellus and NuSpeed Internet Systems. Numerous EDV portfolio companies have gone public or been acquired by major technology companies including AT&T, Ciena, Cisco Systems, nVidia, Siemens, Texas Instruments and Yahoo. For more information, please visit http://www.eldorado.com/.
Web site: http://www.crossloop.com/http://www.venrock.com/http://www.eldorado.com/