ProfitLine raises $12 million

ProfitLine announced Thursday that it has received $12 million in first-round funding from a group of investors led by Menlo Ventures. The San Diego-based company will use the funding to invest in technology, expand sales and marketing departments, and make strategic acquisitions. ProfitLine helps businesses manage their telecom resources. The services include billing management, auditing, consulting and negotiating service contracts with telecom carriers. ProfitLine's director of marketing, Gary Foster, said the company is now profitable and has no plans at this time for more fund raising. Foster added that the company will create a board of directors with five seats. Menlo Ventures and ProfitLine Chief Executive Rick Valencia will each hold one seat, and the remaining three will come from outside of ProfitLine.

June 20, 2002 2:41 p.m. PT

ProfitLine announced Thursday that it has received $12 million in first-round funding from a group of investors led by Menlo Ventures.

The San Diego-based company will use the funding to invest in technology, expand sales and marketing departments, and make strategic acquisitions. ProfitLine helps businesses manage their telecom resources. The services include billing management, auditing, consulting and negotiating service contracts with telecom carriers.

ProfitLine's director of marketing, Gary Foster, said the company is now profitable and has no plans at this time for more fund raising. Foster added that the company will create a board of directors with five seats. Menlo Ventures and ProfitLine Chief Executive Rick Valencia will each hold one seat, and the remaining three will come from outside of ProfitLine.