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Forbes: Apache startup rings up VC dollars

Dec 16, 1999, 06:38 (1 Talkback[s])
(Other stories by Om Malik)

"Lincoln, Nebr.-based Covalent provides support services and commercial software modules that can be added onto open source software running on Apache Web servers. It is the leading provider of Apache Web server e-commerce solutions. The company is expected to announce on Dec. 16 that is has received $5 million in first round funding from venture capitalists led by H&Q Venture Associates and their affiliated funds Adobe Ventures and TI Ventures."

"We received the call from the venture capitalists shortly after the Forbes.com story and they offered us a fast track to the next level," said Randy Terbush, in a telephone interview with Forbes.com. As part of the deal, the five-year-old company will move its headquarters to San Francisco."

"We plan to significantly expand our software offerings and put more resources to work to make Covalent a major support and services provider for Apache Web-server software," added Terbush. He pointed out that the company would be looking to significantly increase its support of the Apache open source movement."

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