Second-round financing led by eTechnology VCT, joining Amadeus Capital Partners, Veritas Venture Partners, and Kiwi II

February 12, 2002

1 Min Read

LONDON and HICKORY, N.C. -- CableNet International Ltd., the leading provider of supply chain management software and services to the global cable manufacturing industry, today announced it has closed $5m in second-round financing. The round was led by eTechnology VCT, which joins CableNet’s current top tier investors Amadeus Capital Partners, Veritas Venture Partners and Kiwi II.“This round of funding is evidence of enormous confidence in CableNet’s potential to succeed,” said Errol Damelin, CableNet CEO and founder. “In the cable manufacturing industry, billions of dollars are tied up in excess inventory, which can be eliminated through trading partner collaboration. This funding will enable us to penetrate the market quickly, bringing the benefits of collaboration to our customers.”CableNet will use the capital to continue technology development and begin the broad scale rollout of the cable manufacturing industry's first supply chain collaboration software. On January 28 2002, CableNet announced that it had been selected by General Cable (NYSE:BGC), the leading provider of wire and cable products for voice, data, video and control applications, to implement several e-Hub solutions, including Collaborative Planning, Forecasting and Replenishment and a Supplier Managed Inventory (SMI) program.CableNet International Ltd.

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