JERRY BROWN HONORS FIRST VENTURE CAPITAL DEAL BY
Oakland Mayor Jerry Brown. File photo.
By Jeff Shuttleworth, Bay City News Service
February 1, 2006
OAKLAND (BCN) - Oakland Mayor Jerry Brown proclaimed today
to be "Venture Capital Day" in his city to mark the
first venture capital deal by an Oakland-based firm.
At a news conference in Brown's office, Oakland-based Claremont
Creek Ventures, a new venture capital firm specializing in early-stage
technology companies, announced that it is providing $2 million
in funding for PropertyBridge Inc., an Oakland-based company that
enables electronic rent payments and other lease-related transactions
over the Internet.
In a statement, Brown said, "This investment is an example
of the positive changes coming to fruition through Oakland's revitalization.
The city of Oakland has come into its own as a destination and
resource for world-class businesses."
John Steuart, Claremont Creek's managing director, said, "We're
excited about the potential PropertyBridge represents. Electronic
bill paying is now commonplace, yet the rental market lags behind
and for many people rent is the only thing they can't pay online."
Steuart said, "PropertyBridge solves this problem. This
is a $200 billion market and PropertyBridge has already claimed
the early lead and the upside potential is huge.''
PropertyBridge officials said their payments platform processes
the largest dollar volume of automated electronic payments in
the multifamily housing industry and it currently reaches more
than 1.3 million residential tenants.
They said their platform integrates with large property management
firms' accounting software, providing enhanced administrative
The venture funding will support ongoing product development,
staffing, acquisitions and marketing, according to PropertyBridge
PropertyBridge is located in downtown Oakland and currently has
18 employees. Company officials said they expect to have about
40 employees in the future.
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