MoneyTec.com Traders Community Forum - View Single Post

RedDuke · 17-09-2007, 14:42

Oanda Sets Deal For VC Funding
A WALL STREET JOURNAL NEWS ROUNDUP
September 17, 2007

NEW YORK -- Oanda Corp., which is looking to expand its online foreign-currency exchange, is expected to announce today a $100 million financing led by venture-capital firm New Enterprise Associates.

The deal is an example of the type of "venture growth equity" financings to which NEA plans to devote about half of the $2.5 billion fund it closed in July 2006. Such deals are larger than typical venture financings, but the firm views them as having the potential to generate returns characteristic of early-stage venture capital.

NEA, Baltimore, declined to say how much it committed to the funding round, but its per-company allocation for such deals is in the range of $25 million to $100 million. Oanda is based in New York, but most of its operations are in Toronto.

The financing syndicate also includes Legg Mason Inc., Cascade Investment LLC and T. Rowe Price Group Inc. NEA General Partner Krishna Kolluri will join Oanda's board.

17-09-2007, 14:42	#51 (permalink)
RedDuke level 3 Join Date: Nov 2004 Posts: 266 Rep Power: 0	Re: Beginners Start Here! Oanda Sets Deal For VC Funding A WALL STREET JOURNAL NEWS ROUNDUP September 17, 2007 NEW YORK -- Oanda Corp., which is looking to expand its online foreign-currency exchange, is expected to announce today a $100 million financing led by venture-capital firm New Enterprise Associates. The deal is an example of the type of "venture growth equity" financings to which NEA plans to devote about half of the $2.5 billion fund it closed in July 2006. Such deals are larger than typical venture financings, but the firm views them as having the potential to generate returns characteristic of early-stage venture capital. NEA, Baltimore, declined to say how much it committed to the funding round, but its per-company allocation for such deals is in the range of $25 million to $100 million. Oanda is based in New York, but most of its operations are in Toronto. The financing syndicate also includes Legg Mason Inc., Cascade Investment LLC and T. Rowe Price Group Inc. NEA General Partner Krishna Kolluri will join Oanda's board.