Metreo Lands $15
Million in Third Round
PALO ALTO, CALIF. -- Metreo, a provider of profit optimization software
for price planning and execution, said it closed a third round of funding
with $15 million.
New investor Redpoint Ventures led the round, which also included previous investors Mentor Capital Group, Prospect Venture Partners, Sequoia Capital, and new investor Stanford University.
Jeff Brody, founding partner of Redpoint Ventures, will join the board of directors as the fifth member.
The company will use the funds to expand its product line and for sales and marketing. The company anticipates profitability for 2003.
Metreo has raised $27 million to date. The company, which employs 45, expects to double its staff by the end of the year and is hiring across the board.