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WhiteFence Raises $14 Million in Second Round of Funding Led By Adams Street Partners and Internet Capital Group

Posted on: Wednesday, 14 March 2007, 15:00 CDT

Executives at WhiteFence, the nation's leading online comparison shopping marketplace for residential home services, announced today that it has raised $14 million in second round funding led by new investor Adams Street Partners, in addition to Internet Capital Group, Inc. (NASDAQ:ICGE). The Company received its first round of funding, led by Internet Capital Group, Inc., in November 2005.

WhiteFence (www.whitefence.com) is the leading online one-stop comparison marketplace for consumers looking to compare and order essential home services including electricity, natural gas, home phone, high-speed Internet, cable and satellite television and more. WhiteFence allows the 110 million households across the United States to easily compare and buy services from hundreds of providers.

"Having been attracted to WhiteFence and its business model for some time, we are honored to lead the Company's second round of funding and committed to helping WhiteFence achieve its goals," said Matt Crisp, Partner at Adams Street Partners.

Added Internet Capital Group Chief Executive Officer Walter Buckley, "We're excited about the opportunity to further our financial commitment to WhiteFence and provide its leadership team with the resources needed to continue its impressive growth."

In 2006, WhiteFence processed more than 1.2 million transactions through www.WhiteFence.com as well as privately-labeled channel partner Web sites in the multifamily, real estate brokerage, relocation, energy and communications industries.

"This second round of funding further indicates the confidence our investors have in our business model and vision," said Eric Danziger, WhiteFence's CEO. "We will continue to focus on creating an outstanding customer experience while accelerating our expansion into new service categories."

About WhiteFence

WhiteFence is the leading one-stop online comparison-shopping marketplace that helps consumers compare and order home services such as electricity, natural gas, phone, cable and satellite TV, high-speed Internet, banking and more. WhiteFence's proprietary transaction engine makes it easy for all 110 million U.S. households, including movers, to find the best deals and conveniently set up their home services in minutes.

About Adams Street Partners

Adams Street Partners is widely regarded as one of the most experienced and respected firms in the private equity industry. Together with its predecessor organizations (First Chicago, Brinson Partners) ASP's sole focus since 1972 is providing private equity investment advisory services through direct investments in portfolio companies and investments in partnerships -- both primary and secondary -- worldwide.

About Internet Capital Group

Internet Capital Group (www.internetcapital.com) acquires and builds Internet software companies that drive business productivity and reduce transaction costs between firms. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of these platform companies that are delivering on-demand software and service applications to customers worldwide.

Safe Harbor Statement under Private Securities Litigation Reform Act of 1995

The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future performance of our partner companies, acquisitions or dispositions of interests in partner companies, the effect of economic conditions generally, capital spending by customers and development of the e-commerce and information technology markets, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.

Source: Business Wire

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