NEW YORK, NY--(Marketwire - Apr 20, 2011) - GATE Technologies announced today the successful closure of $3.5 million in funding led by legendary venture capitalist John Pappajohn. GATE plans to use the capital to expand its market infrastructure, which provides an end-to-end solution for buying and selling illiquid and alternative assets.
Pappajohn will also join the GATE Technologies executive board, providing strategic advice and oversight as the company continues to grow.
GATE plans to roll out additional GATE Developing Marketplaces (GDMs) in 2011. In November 2010, GATE launched its U.S.-based broker-dealer subsidiary, GATE US. In February 2011, the company launched GATE Global Impact, providing market infrastructure for impact investing -- investments that provide a social and/or environmental benefit as well as a financial return.
"We are honored to have John join our team," said GATE Technologies co-founder and CEO Vincent Molinari. "With his guidance and backing, we are better prepared to respond to growing market demand for transparency in secondary markets."
Pappajohn is the founder and president of Pappajohn Capital Resources. The Des Moines, Iowa-based firm has been involved in the development and financing of hundreds of companies over the last four decades. Pappajohn's investments have traditionally focused on the information technology, biotechnology and pharmaceutical sectors.
"As a lifelong venture capitalist, I pay keen attention to the way companies evolve from their founding to successful, thriving enterprises," said Pappajohn. "GATE Technologies is at the forefront of a shift toward pre-IPO valuation transparency, and I'm excited to be a part of this growing trend."
About GATE Technologies LLC
GATE Technologies is an innovative financial technology company creating a new market infrastructure for bringing efficiency, transparency to the unstructured global alternative asset markets. The company offers fully automated, customizable solutions for qualified investors with value-added content and analytics, transparent execution, and dematerialized settlement, clearing, and depository functions. GATE Developing Markets will work together to create the first global common infrastructure for illiquid securities, with a goal of enabling all market participants. www.gatetechnologies.com