BlueStreak.com, a Newport-based Internet Technology company has become the first firm to receive venture capital funding — $7 million total — from a fund developed three years ago, aimed solely at supporting Rhode Island companies, according to the state’s Economic Policy Council. Zero Stage Capital, the Cambridge based venture firm that manages the fund, is investing $3.6 million and Lazard Technology Partners is investing $3.4 million in the Internet advertising and e-Commerce provider that was established in 1999.
The funding comes from a venture fund that was established with $5 million in investments from Rhode Island firms, $10 million in matching Small Business Administration funds, and as part of a 150 million New England fund developed by Zero Stage.
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The Rhode Island portion was specifically designed to support only Rhode Island firms and is a partnership among the Policy Council, Business Development Company of Rhode Island, and Zero Stage Capital.
The Economic Policy Council said BlueStreak.com was established by Stefan Tornquist (marketing director), Eric Picard (executive producer), John Croy (chief technical officer), and Annette Tonti (president of the firm).
BlueStreak.com, the council said, “unites the power of rich media advertising with on-the-spot transactions, capitalizing on the synergistic opportunities presented by Internet commerce and advertising.” The council said that among the firm’s clients are AT&T, Barnes and Noble.com, and Lycos.
