SOURCE: Progress Partners, Inc.

November 01, 2007 12:27 ET

Progress Partners Secures $5 Million Series A Financing for Worktopia

BOSTON, MA and NEW YORK, NY--(Marketwire - November 1, 2007) - Worktopia (www.worktopia.com), an online meeting booking service focused on facilitating meeting space in hotels, conference centers, business centers and other venues, announced it has completed a $5 million Series A financing round. DFJ Gotham Ventures led the round, with participation by Milestone Venture Partners and High Peaks Venture Partners.

Boston-based Progress Partners (www.progresspartners.com), with directors who are registered representatives of New York-based Brill Securities, Inc., arranged financing on behalf of Worktopia, serving as exclusive financial advisor to the company.

Progress Partners is a firm that specializes in digital/new media. As vertical experts, the firm provides investment banking(1), business development and strategic consulting services to companies that range from early- to mid-stage growth companies to major media holding companies, to build and realize business value.

"Progress Partners provided first-class service, introducing our company to the right venture capital firms and running a process that helped us secure the appropriate amount of capital from value-adding investors," said John Arenas, CEO of Worktopia. "We are extremely pleased with the results of their efforts and consider their fee a very wise investment."

"We value our relationship with Progress Partners because they have a very good sense of early stage companies that we would consider investing in, and Worktopia definitely matched our criteria," said Jed Katz, Managing Director, DFJ Gotham Ventures.

"As a vertically-oriented firm focused on businesses in the digital media and web-based services markets, we meet with and evaluate a lot of companies. Worktopia stands out among them, as a solid company with a strong solution, for an emerging need: helping meeting planners organize and conduct meetings for fewer than 100 participants," said Nick MacShane, Senior Managing Director of Progress Partners. "Worktopia now has first-rate financial backers to help it succeed in the $24 billion market for small meetings," said MacShane.

With over 1,800 properties in 150 U.S. cities, Worktopia is the only service that brings meeting planners and meeting space together, online in real time. For more information on Worktopia, go to www.worktopia.com

(1) Nick MacShane and Layne Ainsworth, of Progress Partners, are registered representatives of Brill Securities, Inc., 152 West 57th Street, NY, NY, 10019, Member FINRA/MSRB/SIPC, through which all investment banking activities are conducted.

Contact Information

  • Contact:
    Nick MacShane
    Progress Partners, Inc.
    (Registered Representative of Brill Securities, Inc.)
    Tel: 617-938-3375
    E-mail: Email Contact

    Press contact:
    Patrick Rafter
    617-901-2697
    Email Contact