Metapack receives funding

Brainspark PLC 3 April 2001 BRAINSPARK plc METAPACK RECEIVES THIRD ROUND FUNDING FROM CAZENOVE PRIVATE EQUITY, CROSS ATLANTIC CAPITAL PARTNERS AND TOP TECHNOLOGY London, April, 3rd, 2001 - Brainspark plc, the incubator focused on investing in, and developing technology and Internet-related businesses, today announced the successful completion of a third-round of funding for MetaPack, one of its partner companies. MetaPack, the fulfilment specialist has secured £3.25m of third round funding from investors Cazenove Private Equity, Cross-Atlantic Capital Partners and Top Technology. Prior to this round, the company has raised £3.7m from investors including Brainspark, Cross Atlantic Capital Partners, WPP and Top Technology. The company is projected to break even by the end of 2001 and the additional funding will continue to fuel business expansion at a time when businesses are recognising the critical importance of fulfilment and turning to experts like MetaPack for help. MetaPack was formed in December 1999 to provide an end-to-end fulfilment solution for businesses with complex supply chains. MetaPack combines extensive expertise in technology, operations and project management with best-of-class business partners to offer a broad range of services for online retailers, business services and manufacturing companies. The first customer to take Metapack's end-to-end fulfilment system is Boots' and Granada Media's integrated TV and web venture 'Wellbeing' which was launched earlier this month. Patrick Wall, joint-MD of MetaPack said: ' At a time when investors are generally more cautious, we see this successful funding as a significant endorsement of Metapack. We have an unrivalled combination of technology and operational skills and have developed industry leading integrated fulfilment solutions. MetaPack will use this funding to accelerate growth and strengthen its market position as the leading expert in this area.' Stewart Dodd, CEO of Brainspark added: 'This is good news for MetaPack and good news for Brainspark. We are now seeing very strong indicators from the more established companies in our portfolio of the long-term viability of these businesses. Funding in this climate is a clear recognition of this potential and demonstrates the value created through the process of incubation.' Enquires: Brainspark (020 7843 6600) Stewart Dodd David Hart MetaPack (020 7843 9958) Patrick Wall Juliet Earp Citigate Dewe Rogerson (020 7638 9571) Martin Jackson / Charles Vivian