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May 30, 2006
Italian Online Mortgage Broker Wooed To IPO
Investment bankers are wooing Italy's Multui Online, a mortgage broker, now that it's showing quick growth in sales. According to BusinessWeek, the founders raised a million in seed financing in 2000 in "half an hour".
MutuiOnline turned profitable in 2003 and hit $19 million in revenues last year, up 76% over 2004. With an estimated valuation in excess of $128 million, the company will likely pay investors handsomely for their steely nerves.The co-founders -- now a post-bubble success story -- field calls from investment bankers eager to take them public. "Their execution was excellent," says Michele Appendino, founder of Net Partners Ventures in Milan, which provided seed money to MutuiOnline. "There is still a lot of room for growth."
Interesting to see Net Partners quoted. It is a VC fund that was formed to invest only in Internet ventures in the late nineties, a rare Italian based early stage fund. It has obviously survived, although we note a bit of style drift circa 2003, with investment into a retail clothing chain and a manufacturer of super-small motors.
Read - Venture Capital Takes Off (BusinessWeek)
Posted on May 30, 2006 09:56 AM | Posted to IPO | Online services | Permalink
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