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FundedUniverse: FundingUniverse.com Completes Series A Funding; FundingUniverse.com Closes Series A Round of Funding with Grow Utah Ventures and Provo Labs

Business Wire, May 15, 2006

OREM, Utah -- FundingUniverse.com Inc. (http://www.fundinguniverse.com), the leading online service provider for entrepreneurs and angel investors, today announced the completion of its series A round of financing led by Grow Utah Ventures and Provo Labs. Financial terms of the investment were not disclosed.

FundingUniverse.com is a window to 51 localized Web sites where investors and entrepreneurs connect. The network also provides tools and resources that prepare startup companies to seek investment capital. Investors and angel groups that use FundingUniverse.com have access to thousands of quality business plans and, in some states, video proposals called VideoPitches.

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"This series A round will enable us to fully launch a series of completely unique products and services to our customers," said FundingUniverse.com CEO Brock Blake. "Our partners have given us the financial wherewithal to take FundingUniverse.com to the next level of leadership in our industry."

Alan Hall, founder and chairman of Grow Utah Ventures, is bullish about FundingUniverse.com's future.

"We see tremendous potential in our partnership with FundingUniverse.com, and are completely confident in Brock and his team," Hall said. "Our expertise in the angel community, combined with FundingUniverse.com's proven ability to attract quality investors and dealflow will create an exceptional resource for entrepreneurs and investors."

Paul B. Allen, CEO of Provo Labs, says FundingUniverse.com is the right service at the right time for investors and entrepreneurs.

"Angel groups are forming at a staggering pace and entrepreneurs are creating new technologies, products and services faster than ever before," Allen said. "It's easy to see why FundingUniverse.com has enjoyed success in its opening stages. We look forward to exciting things from FundingUniverse.com."

About FundingUniverse.com

FundingUniverse.com is an online matching service where entrepreneurs post their business plans and investors have access to hundreds of new business proposals each week. The site is currently used by more than 800 accredited angel investors, 7,000 entrepreneurs, and over 2,000 business plans. In addition, FundingUniverse.com provides users with educational podcasts, 10,000 company histories, sample business plans from successful startups, and hundreds of pages of resources and tips for entrepreneurs and investors. For more information about FundingUniverse.com, visit http://www.fundinguniverse.com.

About Grow Utah Ventures

Grow Utah Ventures, with offices in both Ogden and Salt Lake City, Utah, is a newly formed privately funded organization dedicated to assisting and funding Utah's early stage businesses. Comprised of a team of successful and experienced entrepreneurs, business leaders and private investors, Grow Utah Ventures has as its mission to help stimulate, unlock and develop the entrepreneurial potential and business opportunities for value creation across the Wasatch Front and northern Utah. This is to be accomplished by promoting a community environment that is conducive to entrepreneurism, directly investing in early stage Utah businesses, and rallying the financial and leadership resources of Utah investors to support leading entrepreneurs. For more information about Grow Utah Ventures, visit http://www.growutahventures.com.

About Provo Labs

Provo Labs is an incubator for Web 2.0 Internet companies, such as 10Speed Media, LDS Media, MP3Books, and Funding Universe. Formed by MyFamily.com founder Paul B. Allen, Provo Labs focuses on building companies that combine content, community and technology in innovative ways to solve problems for its customers. In June, Provo Labs moves to a new location, adjacent to BYU, where it will house more than a dozen startup companies, providing entrepreneurs top training, access to cutting-edge technology, office space, and social networking opportunities. For more information about Provo Labs, visit http://www.provolabs.com.

Business Services Industry

FundedUniverse: FundingUniverse.com Completes Series A Funding; FundingUniverse.com Closes Series A Round of Funding with Grow Utah Ventures and Provo Labs

Business Wire, May 15, 2006

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