WINGSPRING INVESTS IN HANDYMAN ONLINE

PLEASANTON, CA (June 14, 2000) — Wingspring, a business-to-business "springboard" that propels Internet ventures to accelerate early-stage development and invests in cutting-edge, business-oriented companies, announced an investment in Handyman Online, the nation's leading online contractor referral service.

Handyman Online is a community of professional contractors, including: electricians, plumbers, roofers, and other construction and repair professionals. Handyman Online's charter is to fill the major needs of this community — providing project referrals, on-line purchasing and customized business services. Handyman Online currently has the largest and most loyal community of home improvement professionals, developed through an intense customer development program and nurtured on a local basis through strategically placed customer-service offices.

"Wingspring looks to invest in companies that are positioned to be industry leaders — those companies whose products and services we believe will make a real difference in the marketplace," said Ofir Kedar, Managing Partner and Co-founder of Wingspring. "We have chosen to invest in Handyman Online because we feel it will establish a new relationship model in the professional contractor community, and also because the company structure is one that all five Wingspring founding partners can truly embrace."

In a national rollout earlier this year, Handyman Online successfully launched its free service, and formed strategic partnerships with leading online home improvement and home resource companies. The investment from Wingspring — made through the company's venture arm, Wingspring Ventures — will help secure and strengthen Handyman Online's position as an industry leader. Handyman Online is in a prime position to take advantage of emerging business opportunities and strategic alliances, particularly since funding, led by Technology Crossover Ventures, and received from Wingspring, First Analysis Venture Capital and Angel Investors LP, resulted in $24 million in venture capital. Handyman Online plans to make investments in technology, and will continue to recruit key technology and management personnel.

About Wingspring

Wingspring (www.wingspring.com) is a Palo Alto-based "springboard" for new business-to-business Internet ventures. Founded in January 2000 by five Silicon Valley entrepreneurs, Wingspring combines early stage investment with in-depth experience to accelerate business development and market success. Wingspring's team of Internet and e-commerce professionals offer support in all areas of business development, helping entrepreneurs develop a sustainable business model; create a powerful financial plan; develop scalable technology; create a strategic marketing program; recruit top talent; and optimize all opportunities facing a start-up business. Wingspring's state-of-the-art Incubator and Technology Center is located in Pleasanton, Calif.

In addition to its investment in Handyman Online, Wingspring Ventures has invested in Extricity, Inc. Wingspring currently has three portfolio companies in its state-of-the-art Incubator and Technology Center: RedKnife, Partini.com and Rocketbay. By year-end, Wingspring expects to incubate 12 companies.

Back to Press Main