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MyCart.net Completes Second Round Funding For “Point, Click & Sell” eStore Technology

Proceeds from this most recent investment will be used to promote the company's “eStore Private Label” Program. This program provides financial institutions, Internet providers and web hosting companies with eStore building and management tools necessary to help their customers build their own eRetail Web sites. MyCart's “Point & Click” eStore tools, private-labeled by institutions like First Union bank, enable entrepreneurs to build online stores without knowing HTML, security protocols or programming.

Steve Swartzman, a principal at KCVG, commented: “We are extremely excited about MyCart's prospects. They have developed a powerful eCommerce solution, which they can deliver both seamlessly and economically to anyone who wants to open a store over the Internet. Their unique model of giving service providers the tools they need to service their customers' eCommerce needs, and to profit from this at the same time, is already leading to rapid market penetration.”

“We believe that outfitting our resellers with the tools necessary to successfully enable their customers with a complete eCommerce package, at a reasonable price, is the key to MyCart's overwhelming growth,” says MyCart.net President, Marc S. O'Leary. “Just eight months ago, we signed up our first customer; now we have over 700 fully functional eStores generating over two million dollars per quarter in revenues. Unlike other technology start-ups, MyCart.net was designed to become profitable within one year of inception. Based on its current monthly growth rate of just over 19%, MyCart.net's management team has predicted a profitable Q2 result.”

MyCart's eStores span the entire commerce divide, from small niche entrepreneurs to online ticket sales for the Washington, D.C., Department of Transportation. MyCart's feature set, ease-of-use and $30 monthly price point make it an attractive solution for small businesses..

Source: MyCart.net, March 16, 2001

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