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HomeGrocer bags $100M
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November 2, 1999: 8:13 a.m. ET
Online grocer raises additional funding to compete against Webvan
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NEW YORK (CNNfn) - Internet grocery firm HomeGrocer.com Inc. said Tuesday it netted $100 million in venture funding as it goes head-to-head against competitors including Webvan Group Inc.
The latest round of funding comes from previous investors in HomeGrocer.com., including venture capitalists Kleiner Perkins Caufield & Byers, Hummer Winblad Venture Partners, Barksdale Group and Internet retailer Amazon.com Inc. (AMZN)
The Kirkland, Wash.-based virtual grocer currently operates in three West Coast markets: Seattle, Wash.; Portland, Ore.; and Orange County, Calif. Customers can order 13,000 brand items such as produce, meats, seafood, dairy products and specialty foods.
HomeGrocer's main rival, San Francisco-based Webvan Group Inc., had to withdraw its IPO last month after raising the ire of the Securities and Exchange Commission (SEC). The company came under scrutiny following its road show, during which it allegedly disclosed information not available in the company's prospectus. The IPO now is scheduled to go next month.
"HomeGrocer.com combines a first-class front-end Web experience with the most efficient distribution model," said Jim Barksdale of Barksdale Group. "Based on my experience at both Federal Express and Netscape, it's clear to us that HomeGrocer.com has the right combination to address the huge online grocery market." 
-- from staff and wire reports
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