Funmail: Would You Adam And Eve It?
July 30, 1999, London - for immediate release:
WOULD YOU ADAM AND EVE IT? FUNMAIL POSTPONES FLOAT AND ACCEPTS KNOCK-OUT EDEN OFFER
Funmail (http://www.funmail.co.uk), the Internet-based email service, today announced that it has accepted an eleventh-hour offer from investment fund Eden Capital to acquire a 20% stake in the business for UKP6.25 million. After the investment Funmail has a UKP31.25 million valuation, less than a year after incorporation and within 12 weeks of its service actually going live.
Funmail has postponed its float on the Alternative Investment Market (AIM) which was intended to raise funds for the expansion and rapid growth of the service, as the Eden investment and valuation was at the top end of what the company and its advisors expected the market could offer. Eden's involvement also provides a valuable network of connections through its growing portfolio of internet and hi-tech investments.
The Board of Funmail is keeping open the possibility of a return to either the AIM or any other appropriate stock exchange in the future, when the current planned expansion has taken place.
The money raised will help Funmail achieve its growth targets and is intended to be spent on marketing, technology and staff. The company is forecasting in excess of half a million users within the next 12 months - it is well on the way to reaching its first 100,000 already.
Robin Klein, Funmail's non-executive Chairman, said: "It was a total surprise to receive Eden's offer when we were so focused on the AIM flotation. Eden is an experienced investor in the Internet and we are excited about the expertise they can bring to Funmail along with the possibilities for strategic alliances with some of the company's other Internet interests."
Tom Henderson, Chairman of Eden Capital Limited, commented: "Funmail has all the ingredients for success and therefore makes an exciting addition to our portfolio of investments. It combines an excellent concept with a strong, talented and innovative management team. We are delighted they accepted our offer."
NOTES TO EDITORS:
Appendix 1 About
Eden Capital Limited
Appendix 2 About Funmail
Appendix 3 Revenue streams
Appendix 4 A selection of the most popular Funmail addresses
For further information, please contact:
Steve Bowbrick (mailto:firstname.lastname@example.org)
Tel: 0171 284 0777
Tom Henderson (mailto:email@example.com)
Tel: 0171 290 3000
Addie Churchill (mailto:firstname.lastname@example.org)
Tel: 0171 734 1133
Dominic Morley (mailto:email@example.com)
Tel: 0171 860 3956
APPENDIX 1 - ABOUT EDEN CAPITAL LIMITED
With its headquarters in London, Eden Capital specialises in Internet and IT investments. The fund was closed at the end of 1998 and has already made a number of important Internet investments. These include boo.com (http://www.boo.com), the innovative Internet sportswear retailer and IPIX (http://www.ipix.xom), creator of immersive 3D photographic technology.
APPENDIX 2 - ABOUT FUNMAIL
Funmail offers its users a choice of over 2,000 domain names to use as personal email addresses with a further 2,000 coming online within the next few months. These sum up a large variety of emotions, moods and occasions allowing the user to create a unique identity and express their personality. Each user can have up to 20 identities, all in one mailbox, with the ability to add and delete new addresses as often as they want.
Instead of having to settle for someone telling them who they have to be after the @ sign (for example: firstname.lastname@example.org or email@example.com), Funmail users have the freedom to choose something which sums them up in a better and more personal way. In essence, the service represents an important evolution for electronic mail.
Because the service is web-based, each user can access their mailbox and send and receive mail from any PC in the world which has a connection to the internet.
APPENDIX 3 - REVENUE STREAMS
The company has identified several significant revenue streams through operation of the service which will form the core of its business model. These include sources such as opt-in permission marketing (see below), banner advertising and sponsorship, merchandising and e-commerce. Funmail is in negotiations with other organisations to offer a variety of access points to Funmail from their internet services. The first of these arrangements is with BskyB's new Skynow ISP (http://www.skynow.co.uk) which was announced recently.
When users join Funmail they grant the operators of the service general permission to send promotional email messages to their inboxes, they "opt-in" for promotional email.
Information gathered from users has additional value over conventional direct marketing databases because it is accompanied by permission to use it in promotional communications.
APPENDIX 4 - A SELECTION OF THE MOST POPULAR FUNMAIL ADDRESSES
crazyforyou.co.uk - treblewinners.co.uk - elvislives.co.uk - zip-a-dee-do-da.co.uk - fancyadatewithme.co.uk - dropdeadgorgeous.co.uk - iloveu.co.uk - babemagnet.co.uk - chocaholic.co.uk - allnightlong.co.uk - farted.co.uk - godfather.co.uk - cloudcuckooland.co.uk - cheekymonkey.co.uk - earthling.co.uk - beergut.co.uk - hairyarmpits.co.uk - whoneedsmen.co.uk - hastalavistababy.co.uk - beefcake.co.uk - aaaargh.co.uk - red-devil.co.uk - hippychick.co.uk - comeandgetit.co.uk - hangover.co.uk - crazygirl.co.uk - lovebug.co.uk - ohmygod.co.uk - romeoandjuliet.co.uk - saucy.co.uk - computerkid.co.uk - kissme.co.uk - ihateyou.co.uk - girlsjustwannahavefun.co.uk - showmethemoney.co.uk - behappy.co.uk - fatal.co.uk - upyours.co.uk - onthebeach.co.uk - countdracula.co.uk - geneticallyengineered.co.uk - 2die4.co.uk - girlofyourdreams.co.uk - cutechick.co.uk - zombie.co.uk - yourplaceormine.co.uk - thankgoditsfriday.co.uk - doyoufancyme.co.uk - phwoar.co.uk - schoolsucks.co.uk - secretlover.co.uk - alberteinstein.co.uk - jesus-christ.co.uk - yourpleasure.co.uk - ifyouwannabemylover.co.uk - secretagent.co.uk - hugsandkisses.co.uk - guyofyourdreams.co.uk - bitchy.co.uk - absobloodylutely.co.uk - wolfgangamadeusmozart.co.uk - paranoia.co.uk - kingoftheworld.co.uk - poorstudent.co.uk - madcowdisease.co.uk - barbiegirl.co.uk - antisocial.co.uk - homeboy.co.uk - bigkiss.co.uk - i-hate-exams.co.uk - licensedtokill.co.uk - adorable.co.uk - addicted2love.co.uk - wildchild.co.uk - flirt.co.uk - dancingqueen.co.uk - ladykiller.co.uk - andpigsmightfly.co.uk - alwaysonmymind.co.uk - blueeyes.co.uk - bigbum.co.uk - bloodyhell.co.uk - barmy-army.co.uk - yourmother.co.uk - noproblem.co.uk - miaow.co.uk - madscientist.co.uk - littledevil.co.uk - -