VA-based Sandbox.com announced that it has received a
$20M cash investment from Go2Net and Paul Allen's Vulcan
Ventures. The agreement includes a multi-million dollar
marketing and promotion component, under which Sandbox will
be featured across Go2Net's Web properties. Sandbox stated
that it will use the funding to improve its technology
infrastructure, support its new distribution channels,
extend its branding/marketing efforts and expand its number
of employees. With the investment, Sandbox expects to have
positive cash flow in early 2001 (Sandbox.com).
MAINE LINE: In Portland, ME, Joshua Weinstein reported
that ME-based Resort Sports Network (RSN) has "secured" $20M
of venture capital from Avent Int'l, Allen & Co. and PH
Ventures -- formerly Pilot House Associates. PH Ventures'
investment is its second in RSN, as it gave RSN $5M last
year in exchange for about 20% of the company. RSN CEO Bill
Burke, who said that the company will use the money to
invest in Internet activities, as well as "digitizing as
much of its video content as possible, ... believes RSN will
most likely become profitable without another round" of
financing (Portland PRESS-HERALD, 7/13).
