In a Sept. 15 meeting to resolve a funding crisis, PowerAgent's board and investor group tentatively agreed to continue financing the venture, though the company's fate isn't yet secure, said its president, David Carlick.
"The board and investors have instructed me that we have an agreement in principal to fund the company on an aggressive basis, which is at the high end of the numbers we've been talking about," said Mr. Carlick. In an earlier interview, Mr. Carlick told Advertising Age the company was seeking a third round of venture financing for $20 million, in accordance with its business plan.
Mr. Carlick surprised industry observers by appealing to a Silicon Valley investors conference last week for urgent investment at "distressed prices" after the original investment team balked at the new round of funding. The company, which aims to target ads to consumers who sign up for special promotions, publicly debuted only five weeks ago and is a month away from launching commercial service. For further details on its funding crisis, see yesterday's coverage on AdAge.com.
Copyright September 1997, Crain Communications Inc.