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Tuesday, July 11, 2000|
American Century Antes Up
American Century Ventures, the venture capital arm of the Kansas City-based American Century Investments, said today that it has invested in FOIOfn. Neither company revealed the size of the funding. Last week Vienna, Virginia-based FOLIOfn announced that it had received mezzanine funding of $15 million from the meVC Draper Fisher Jurvetson Fund I.
A spokesperson for FOIOfn said that both investments were part of the same round of financing which "is still ongoing."
American Century Ventures typically makes investments in the $2 to $8 million range and its investment in FOLIOfn was "comfortably within that range," the spokesperson added. To date the venture firm has made nine investments totaling more than $45 million. Its portfolio companies include: Optimark Technologies, TradePoint Financial Networks, W.R. Hambrecht & Co., Archipelago, Third Age Media, WorldStreet, Inc., Angry Monkey, RecordsCenter.com and FOLIOfn.
FOLIOfn's initial product - FOLIO investing - allows investors to build, purchase, customize and control their own stock portfolios for a flat monthly or annual fee with no trading commissions, according to the company.
"When you bet on a new company, you bet on its leadership," said Harold Bradley, president of American Century Ventures. "In his years at the SEC, Steve Wallman proved to be a strong advocate for investors. This sense of looking out for the best interest of investors is a philosophy American Century shares and holds as a core value."
"American Century understands that technology is changing the way investors behave," said Bradley. "When we see a disruptive technology, product or company in the investment world -- like FOLIOfn -- we want to be actively involved and participate in that innovation, rather than sit on the sidelines and merely watch change happen in our industry."
"Through investments like FOLIOfn, American Century is actively supporting the development of products that offer investors control, choice and a personalized investing experience," said Diane Mulcahy, vice president of American Century Ventures.
Mulcahy added that American Century Ventures' mission is to make investments only in companies that complement the strategic direction of American Century and whose technology or products American Century can use to improve its business and help its investors.
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