Incubator Mergenet Gets Approx. $5M to Fund Portfolio Companies

Monday, June 18, 2001

BOCA RATON, Fla

MERGENET Solutions, a full-service technology incubator, announced it has raised approximately $5 million first-round of funding from individual investors. The proceeds of the round will go to fund several of its portfolio companies.

Co-founder and president, Bruce Sher, said MERGENET will attempt to raise an additional $20 million from institutional investors towards the end of the year.

MERGENET was founded two years ago by Mr. Sher and CEO Shara Hernandez. The company's portfolio includes sleep-apnea device maker Innomed Technologies, United Fuel Cell and Renewable, and Rocklab.com.

In a related development, MERGENET said it has formed an alliance with Asian-based Commonwealth Venture Capital to tap the international venture capital market. MERGENET focuses on technology, medical technology, and energy-related companies. The company also assists private companies in going public, finding directors, and fund-raising