ProQuo Secures $8 Million in Series B Funding
Mission Ventures Leads the Round with Draper Fisher Jurvetson
Returning to Invest in Company that Helps Consumers Control Their
Personal Information
LA JOLLA, Calif. (Business Wire EON/PRWEB ) January 15, 2008 --
ProQuo™ Inc., a company founded to give
consumers meaningful choice over how businesses use their personal
information, today announced it has received a second round of
financing. Mission Ventures led the $8 million round, with Series A
investor Draper Fisher Jurvetson returning to invest again. Leo Spiegel,
a managing partner for Mission Ventures, joins the ProQuo
board of directors.
Founded in 2006, ProQuo helps consumers manage how businesses use their personal
information―like their name, address,
credit worthiness and buying habits―to market
to them. The free service, available at www.proquo.com,
helps consumers reduce paper junk mail
and protect against identity theft.
Any information a consumer provides to ProQuo is owned by the consumer
and is never shared without that consumer’s
express consent.
“Although ProQuo’s
initial service is focused on postal junk mail, we invested in a much
larger market opportunity. With a ten billion dollar industry profiting
from the trading and selling of consumers’
personal information—without their knowledge
or consent—ProQuo is well-positioned to build
a business designed to serve consumers’ needs
and interests in how companies market to them,”
said Leo Spiegel of Mission Ventures.
CEO Steven Gal joined ProQuo from ID Analytics, Inc., a leader in
identity risk management, which he co-founded. The seasoned management
team also brings strong experience from such companies as Experian,
Visa, HNC Software (acquired by Fair Isaac), and AltaVista/Overture
Services (acquired by Yahoo!). ProQuo secured Series A funding of $5
million from Draper Fisher Jurvetson in 2006 and launched its initial
service in October 2007.
“Americans get nearly four million tons of junk
mail every year,” said Steven Gal, CEO of
ProQuo. “By empowering consumers to get control
of their postal mail, ProQuo is reducing their exposure to identity
theft and protecting their privacy while helping the environment—and
all for free.”
About ProQuo, Inc.
With headquarters in La Jolla, California, ProQuo was founded to put
consumers in control of their personal information, letting them
decide if and how businesses use it. ProQuo helps
consumers stop the mail they don’t want and
get the offers they really do want. Visit ProQuo at www.proquo.com.
ProQuo is a trademark of ProQuo, Inc.
See the original story at: http://eon.businesswire.com/releases/proquo/mission/prweb629191.htm
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