iWon.com Completes Additional $100 Million Financing
Proceeds Earmarked For Destination Portal's Innovative Rewards Program
Irvington, NY, February 14, 2000 - iWon.com, a CBS-backed destination portal combining world-class search, content and functionality with the Internet's largest guaranteed cash giveaway, today announced the completion of an additional $100 million round of private equity financing. iWon gives away, to its users, $10,000 every day, $1,000,000 every month and $10,000,000 on Tax Day (April 15th, 2000). This financing will allow iWon.com to enhance its innovative consumer rewards program.
"This additional round of financing, coupled with our extensive CBS promotional support and forthcoming strategic marketing partnerships, will solidify iWon.com's leadership position in the loyalty-based portal category," said Jonas Steinman, iWon's Founder and Co-CEO. "In combination with previous financing activities, this capital provides us with the capability to beat any and all competitive offerings."
The transaction was led by Bain Capital, Inc. and included significant investments from Chase Capital Partners; The Goldman Sachs Group, Inc.; Providence Equity Partners, Inc.; Soros Private Equity Partners; Thomas Weisel Partners; Primus Venture Partners; and Barnard & Co. CBS Corporation, Chase Capital Partners and Wit VC Fund I participated in the company's initial $100+ million funding.
iWon, located at www.iwon.com launched on October 5, 1999. For the week ended February 6, 2000, iWon.com ranked 9th across the Internet in terms of page views and 20th in terms of reach, according to Nielsen NetRatings.
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