SOURCE: SelectMinds

August 21, 2007 10:00 ET

SelectMinds Completes $5.5 Million Series A Financing

Bessemer Venture Partners Funds Round

NEW YORK, NY--(Marketwire - August 21, 2007) - SelectMinds, Inc., the leading provider of Corporate Social Networking (CSN) solutions, today announced the completion of its Series A round of financing in the amount of $5.5 million, to fund the continued expansion of its business. Bessemer Venture Partners (BVP) is the sole investor in the round.

"We are excited to be involved with SelectMinds," said Robert P. Goodman, BVP managing partner, who joins the SelectMinds Board of Directors. "SelectMinds provides enterprise-grade corporate social networking solutions to some of the world's largest and most demanding organizations. These solutions help organizations become better connected and strengthen relationships among employees, alumni, women and other key constituencies. Their experience developing and delivering global corporate social networking solutions, combined with their practical, consultative approach in driving these networks to solve business challenges, gives them a clear advantage in this dynamic space."

Alex Ferrara, BVP vice president, also joins the SelectMinds Board of Directors.

"Bessemer will be an excellent partner to help us accelerate the growth of our business," said Anne Berkowitch, SelectMinds co-founder and CEO. "Their extensive experience in building great companies and their deep understanding of the social networking and enterprise software space will be invaluable. We're very much looking forward to working with Bob and Alex as Board members."

Among other BVP Internet company investments are Skype, the peer-to-peer Internet telephony company; Postini (to be acquired by Google), the spam-protection company; LinkedIn, the business networking site; Wikia Inc., the company co-founded by Wikipedia creator Jimmy Wales; Revver, the online video-sharing platform; and Zopa, the U.K.-based person-to-person lending company.

About Bessemer Venture Partners

As the oldest venture capital practice in the United States, Bessemer Venture Partners manages more than a billion dollars of venture funds, carrying on a tradition of hands-on, active venture investing that started in 1911. More than 100 Bessemer companies have gone public, including American Superconductor, Ciena, Gartner Group, Ingersoll Rand, International Paper, Maxim, Parametric, Perseptive Biosystems, Staples, VeriSign and W.R. Grace. BVP is located in Silicon Valley, New York, Boston, Shanghai, Mumbai, and Bangalore. For more information, visit www.bvp.com.

About SelectMinds

Founded in 2000, SelectMinds is the leading global provider of secure, Corporate Social Networking solutions. Using the power of Web 2.0, SelectMinds helps organizations build connections among and between groups of employees, alumni, retirees, women, and other constituencies. These powerful connections drive increased knowledge sharing and collaboration, enable strategic talent sourcing, and foster employee development and retention. The result is a higher performing organization with the ability to innovate quickly, increase productivity, and hire and retain key talent. SelectMinds clients include more than 60 leading organizations including JPMorgan Chase, The Dow Chemical Company, Ernst & Young, Lockheed Martin, Latham & Watkins, Schlumberger, and Deloitte. For more information, visit www.selectminds.com.

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