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| Now, iWon.com On Receiving End |
| February 15, 2000
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iWon.com, an Internet portal backed by CBS, said Monday that it has raised $100 million in private equity funding. The company said it will use the money to "enhance its innovative consumer rewards program," though a spokesman offered no specifics.
The company's rewards program consists of giving money away -- to the tune of $4.2 million since the Web site's launch Oct. 5. Visitors to the iWon.com Web site are entered into a drawing for cash prizes. iWon.com gives away $10,000 each day to a user, a $1 million prize each month and $10 million on tax day (April 15).
The latest financing transaction was led by Bain Capital and includes investments from Chase Capital Partners, Goldman Sachs Group, Providence Equity Partners, Soros Private Equity Partners, Thomas Weisel Partners, Primus Venture Partners and Barnard & Co. IWon.com also raised about $100 million in its original round of financing, when CBS Corp. invested in the company.
That first round also included investments from Chase Capital Partners and Wit VC Fund I.
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