“Linuxcare, a struggling provider of services for the Linux
operating system, has begun its third round of funding with hopes
of raising between $25 million and $35 million.”
“The funding should be sufficient for Linuxcare to execute
its plan to achieve profitability, with or without an initial
public offering, said Dave LaDuke, co-founder and vice
president of marketing.”
“If we continue to execute to plan, we won’t need to do funding
any more. The next round could very well be the last round we have
to do,” LaDuke said. The company likely will finish the investment
round in July, said spokeswoman Michelle Nemschoff.”
“Linuxcare has been trying to regain its balance after losing
its chief executive and chief information officer, announcing
layoffs and postponing its initial public offering. On the
financial side, Linuxcare expects to meet its revenue projections
for the current quarter, LaDuke said.”