CableNet Closes $5m in Second Round Financing

CableNet today announced it has closed $5m in second-round financing. The round was led by eTechnology VCT.

London, UK, and Hickory, NC, February 12, 2002 -- CableNet International Ltd., the leading provider of supply chain management software and services to the global cable manufacturing industry, today announced it has closed $5m in second-round financing. The round was led by eTechnology VCT, which joins CableNets current top tier investors Amadeus Capital Partners, Veritas Venture Partners and Kiwi II.

This round of funding is evidence of enormous confidence in CableNets potential to succeed," said Errol Damelin, CableNet CEO and founder. In the cable manufacturing industry, billions of dollars are tied up in excess inventory, which can be eliminated through trading partner collaboration. This funding will enable us to penetrate the market quickly, bringing the benefits of collaboration to our customers."

CableNet will use the capital to continue technology development and begin the broad scale rollout of the cable manufacturing industry's first supply chain collaboration software. On January 28 2002, CableNet announced that it had been selected by General Cable (NYSE:BGC), the leading provider of wire and cable products for voice, data, video and control applications, to implement several e-Hub solutions, including Collaborative Planning, Forecasting and Replenishment and a Supplier Managed Inventory (SMI) program.

This investment reflects our belief that CableNet has emerged as the leader in developing supply chain synchronization software for the cable manufacturing industry," said Andrew Sherski, Investment Executive at eTechnology VCT. Companies seeking to enhance business-to-business collaboration and increase overall efficiency and profitability must consider CableNet, the cable manufacturing industry's only collaborative solution."

About e-Technology VCT
eTechnology VCT is a Venture Capital trust targeting investments in early and mid-stage technology companies. http://www.etechnologyvct.com/

About Amadeus Capital Partners
Amadeus Capital was founded to invest in new technologies in the UK and continental Europe, and now manages two funds totalling 285 million. http://www.amadeuscapital.com/

About Veritas Venture Partners
Veritas Venture Partners is Israel's most experienced venture capital firm, investing primarily in technology-based companies at the seed and very early stages of their lives.
http://www.veritasvc.com/

About Kiwi II
Kiwi II is a Euro 500 million European venture capital initiative in the fields of telecommunications, media and information technology.

About CableNet International Ltd.
Headquartered in London, UK, with offices in Hickory, NC, CableNet International Ltd. provides private supply-chain visibility and collaboration solutions to the wire and cable manufacturing industry. CableNet products feature a web-based, many-to-many architecture that enables manufacturers, distributors and suppliers to collaborate with their business partners to reduce inventory and improve customer service levels and sales. CableNet can be found on the web at http://www.cablenet.com/.