Bolero.net gets finance

bolero.net expects that the $50 million in private equity financing received should take it to profitablity in the first quarter of 2002.

Elaine Leong

November 29, 2000

bolero.net has completed a $50 million private equity financing placement. Apax Partners Europe IV fund is the lead investor, ploughing $30 million into the international online trade facilitator in September. Baring Asia Private Equity Fund II (Baring Funds) has invested $15 million, and Jean Eric Salata, managing partner of Baring Private Equity Partners (HK) Limited will join the board of bolero.net. The remaining $5 million comes from Palio Portfolio Ltd.

"The completion of this funding round means we are now in a position to accelerate the rate at which we reach out into new markets and enhance our service offering…We will also be ramping up our expansion in key vertical industry sectors, as well as building bolero.net as the defacto "back end" infrastructure for B2B exchanges," says bolero.net chief executive Barry Morse.

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