Groove Networks Closes $38 Million Financing

by Volker Weber

From the corporate press release:

Groove Networks Inc. [...] today announced it has closed a fifth-round financing of $38 million, with investments from all existing investors, including Microsoft Corp., Intel Capital, Accel Partners and private investors. With this financing, the company has now raised more than $155 million since its founding in October 1997 by CEO Ray Ozzie.[...]

Groove Networks said it will use the additional funds to support ongoing operations. [...] Groove Networks also announced it has completed a restructuring of its sales, marketing and services organizations, resulting in the elimination of 58 positions, or 20 percent of its workforce.

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