In this paper we will discuss the recent business deal filed by Mint, the proprietor of the personal financial management applications portal “Mint.com”. The announcement was made in March 2008 that it received a 12.1 million dollar investment from Benchmark Capital, along with First Round Capital and Shasta Ventures, the other two previously existing investors.
Mint will use the money to develop some more functionality in its web portal. Mint announced its recent business deal with Benchmark Capital in March 2008. The company received a 12.1 million dollar investment from Benchmark Capital. The other previously existing investors were First Round Capital and Shasta Ventures.
Mint is the proprietor of Mint.com, the free web portal for “personal financial management applications”. It is very easy to use, the viewer only has to provide a valid email-id; all of the back-end functions are run by Mint. The company was established in 2007 and since then, over 160,000 users have been using Mint.com.
Currently, the capital amount of the company has reached over 10 billion dollars. Mint has also introduced several new products recently, such as, “SpendSpace”, a spending comparison tool. The management team of the company consists of some highly experienced professionals from the fields of software and finance.
Benchmark Capital, established in 1995, is used to empower the small but potential entrepreneurs, who also come up with new ideas, to make big technology companies. It has already invested in some big franchise organizations like, Juniper Networks, eBay, Red Hat, Amazon, AOL, and Prosper, to name a few. Currently, the company is managing over 3 billion dollars in venture capital.
Shasta Ventures, situated in Menlo Park, California, is a venture capital company that usually invests in those technology-based companies who provide unique and innovative technological products and services to their customers. Its current capital amount is more than 200 million dollars. The company’s investment portfolio consists of some big names like, BabyCenter, LogoWorks, Blue Nile, LoopNet, etc.
Through this deal, Benchmark has expanded its investment portfolio of web 2.0 organizations. Mint will use this money to fund its several upcoming new projects. Company officials said that this deal would help the company to facilitate Mint.com with some new and exciting features.