Wednesday June 20
ProcessClaims Gets Additional Funding from meVC Draper Fisher Jurvetson Fund I
Redondo Beach, CA -- ProcessClaims announced the closing of their latest round of financing led by meVC Draper Fisher Jurvetson Fund I. Big Sky Partners, who led the previous round, is again participating in the current round of financing. meVC Draper Fisher Jurvetson Fund I is a publicly traded information technology venture capital fund providing individual investors access to venture capital investments.
"The ProcessClaims solution streamlines the insurance industry's often redundant and cost-inefficient automobile claims process," said John M. Grillos, Chairman, CEO and Managing Member of the meVC Draper Fisher Jurvetson Fund I. "We believe the company will add tremendous value to various players in the auto claims industry by improving cycle times and significantly reducing processing costs."
"We are very excited about the Fund's investment in ProcessClaims, a company that is poised for continued growth in a extremely large market" said Peter Freudenthal, Chairman, President, CEO, and Founder of meVC, and Vice Chairman of the meVC Draper Fisher Jurvetson Fund I. "I also look forward to assisting in the future development of ProcessClaims as the company's new Chairman of the Board."
"We're excited about the progress that ProcessClaims continues to make in the marketplace which led to our decision to participate in this latest round of financing," said Michael Schwab, Managing Partner of Big Sky Partners. "This additional funding will allow the company to grow at an accelerated pace and capture market share more quickly."
"We've spent the last year and a half working with our clients enhancing our technology to deliver the best possible value to the insurance industry and their partners. This additional funding will enable us to accommodate more requests for our services and move ProcessClaims to a position of profitability in the foreseeable future," said Paul Farber, CEO of ProcessClaims. "We are excited about this partnership with meVC because of the statement it makes about our position in the marketplace and what we can deliver to our current and future customers with their financial contribution. We are equally pleased that Peter Freudenthal, Chairman, President and CEO of meVC will be joining our Board of Directors and assuming the Chairman's role."
The transaction was facilitated by Rutberg & Company, LLC. and E&Y Capital Advisors Inc.
meVC Draper Fisher Jurvetson Fund I, Inc., an information technology venture capital fund, was formed through a collaborative effort between meVC, a Delaware corporation, and Draper Fisher Jurvetson, a leading venture capital firm. The Fund's investment objective is long-term capital appreciation from venture capital investments in information technology companies, primarily in the Internet, e-commerce, telecommunications, networking, software and information services industries.
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