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Marrakech raises more venture capital
Friday, July 19 2002
by Ciaran Buckley




Marrakech announced that it has raised USD10 million in a new round of venture
capital funding, which the e-procurement company plans to use for expansion.



This brings the total amount raised by the company since its foundation in 1998
to over USD56 million. The company raised USD16.5 million at the end of 2001. 





The current round of funding was raised from existing shareholders Doughty Hanson
Technology Ventures and Cross Atlantic Capital Partners, as well as from new
shareholders Gartmore Group, AMT and SYBEX.



"Marrakech is pleased to have secured funding from such high quality
investors," said Kelly Murphy, Marrakech's chief executive in a statement. "This
round of funding will provide the resources for Marrakech to continue growing its
customer base."



Marrakech's primary line of business is an Internet-based network called the
Marrakech Global Commerce Network. The e-procurement system is a trading platform
that allows companies to interact and trade goods and services, regardless of
their size or location.  These services are run through Marrakech's own
software, which it hosts on its own servers. The company's revenues are derived
from transaction fees associated with the services as well as from professional
services. 



"The fact that we've managed to sign up companies like British Sugar and
Jefferson Smurfit shows that this is a good business model," Collin Lewis, head
of marketing at Marrakech told ElectricNews.Net. "It is also borne out by new
business that we're seeing in the pipeline."

 

Marrakech employs 120 people, mostly in its Dublin and London operations, which
has been reduced from 200 in August 2001 due to the economic downturn.