Camp Hill, Pennsylvania-based Traffic.com, a company which provides real-time and predictive traffic information to both businesses and consumers, announced today that it has completed its $19 million (US$) second round of funding.
The round includes money from Internet Capital Group, the Internet incubator that focuses on business-to-businesse-commerce.
“This latest investment brings the total amount invested in Traffic.com to approximately $22 million, including the earlier investment in Traffic.com by one of Safeguard Scientifics’ affiliated venture funds, Pennsylvania Early Stage Partners,” said David L. Jannetta, president of Traffic.com. “This level of investor support allows us to continue to pioneer real-time traffic solutions for the business-to-business and business-to-consumer markets.”
In addition to Internet Capital Group, investors in Traffic.com include TL Ventures, which invests in information technology, communications and healthcare companies; and Bessemer Venture Partners, which has backed companies such as online toy retailer eToys, job-search site HotJobs.com, Internet service provider MindSpring, office supplies retailer Staples and e-commerce security company VeriSign.
As a result of the cash infusion, Traffic.com — which collects and distributes data across a wireless network via the Internet and wireless or broadcast media — will now have its information networked into a national transportation data center.
Alexander Joins Board
Doug Alexander, managing director of Internet Capital Group, has joined Traffic.com’s board of directors. Alexander is also chairman of VerticalNet, a business-to-business network that went public earlier this year after being funded by Internet Capital Group.
“Internet Capital formed a partnership with Traffic.com based on its ability to be a market maker for logistics and traffic information services,” Alexander said. “Internet Capital’s strategy is to integrate our partner companies into a collaborative network that leverages the collective knowledge and resources of the group — a strength which will enhance Traffic.com’s competitive advantage.”
Internet Capital Group Has Taken Off
Internet Capital Group’s other investments include community site Deja.com, which has filed for an IPO; recently public e-commerce solutions provider Breakaway Solutions; and small business services site Onvia, which just closed its own $25 million round of funding.
The company’s stock has been a top performer since it went public at $12 on August 8th. Shares of Internet Capital Group were up2-1/8 to 94-9/16 in early trading today.