Webstakes.com brings in $40 mil in financing

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Online sweepstakes and promotions company Webstakes.com secured $40 million in private funding. There are 12 investors in total, including Excite@Home and XL Ventures, an affiliate of Big Flower Holdings, the Travelers Insurance Co., NBC and Weiss, Peck and Greer. Webstakes.com said it would use $24 million of the money to redeem outstanding stock, reserving the rest of the financing for direct marketing, sales and marketing.

Copyright June 1999, Crain Communications Inc.

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