Application Service Provider Vation, Inc. postponed the close of its second round of funding when lead investor ABN AMRO Private Equity withdrew its committment to contribute $4 million of the $7.5 million round, but will oversee the company's fundraising efforts.
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Vation's Chief Strategy officer Jay Prasad told chicago.internet.com that "it is unfortunate that our lead investor pulled out. We are presently looking for another one and are talking with other investors outside the Chicago area."
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Earlier this year, Vation had raised a total of $2.6 million from private and angel investors, including Ken Wruk, chairman of Yesmail.com, and Mark Glennon, vice president of Vcapital.com.
Next week, the company is closing on some bridge funding. But Mr. Prasad admitted this was only a short term fix. He believes Vation will find a replacement investor, even though the VC market is tight and dry.
The company has "revenues coming in from customers," added Prasad.
While its future remains in doubt, the company is presently not seeking to lay off any employees. "Since we are a company with a little more than 50 employees, we don't have room to trim our staff, unlike larger organizations."
In October, Vation debuted its eBusiness platform, the Vation Integrated Platform, a pre-built, hosted eBusiness solution that serves as the core of a new approach to optimizing eBusiness strategies and maximizing customer relationships.
Vation's site is presently being redesigned and will relaunch next week. Prasad said that it had nothing to do with the funding postponement. "Our new design firm is working on it. A new logo, identity and positioning [with new content] is being added."
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Vation Loses Lead Investor