General Atlantic Partners Leads First Round of Funding; Flatiron Partners Co-invests

New York City—April 24, 2000—Vindigo, the leading developer of personal navigation applications for handheld devices, today announced that it has received $9 million in first-round venture capital financing. The round was led by General Atlantic Partners, LLC, a leading global investor in Internet, Internet-enabled, and information technology businesses. Flatiron Partners was also a significant investor in the financing.

Founded in June 1999, Vindigo creates software for mobile devices that allows people to explore, enjoy, and connect to the world around them. The company’s core product, also called Vindigo, transforms Palm Inc.® handheld devices and compatibles into personal navigators. Tell Vindigo where you are and what you want to do and it can deliver timely, location-sensitive information about thousands of places to go and things to do in the major metropolitan areas that Vindigo serves.

The company launched the first version of Vindigo for New York on March 27th, in partnership with NYToday.com, the online entertainment guide of New York Times Digital, the Internet division of The New York Times Company. New versions of Vindigo for the Bay Area, Boston, Chicago, and Washington, DC are expected in June 2000.

"This funding will enable us to launch versions of Vindigo across the country and on multiple platforms. We believe that one day tens of millions of people will use an application like Vindigo to find everything they need in the world around them, and we’re delighted that General Atlantic and Flatiron share our vision," said Jason Devitt, CEO for Vindigo. "Their record of successful investments in technology and the Internet, their network of relationships, and their deep commitment to their portfolio companies make General Atlantic and Flatiron outstanding partners for Vindigo."

"We believe that mobile devices will play an increasing central role in how people communicate, conduct commerce, and access information. We are extremely pleased to be working with Vindigo, which has become a leader in developing the technology and applications that will enable mobile devices to become even more important in our lives," said Clifton S. Robbins, partner of General Atlantic.

"Many of the devices, applications, and platforms that take the 'Net beyond the desktop change the way we organize our lives," explained Seth Goldstein, principal of Flatiron Partners. "Vindigo's unique integration of wireless technologies with much-needed social activities makes it a 'killer app' that fits perfectly into the Flatiron Pervasive Fund."

Carlin Ventures, Gradient Ventures, and existing investors the Stephens Family also participated in the round.

About General Atlantic Partners

General Atlantic Partners focuses exclusively on investing in global information-technology, Internet, and Internet-enabled businesses at all stages of development. The firm has approximately $10 billion in capital under management and $4 billion of capital available for investment. GA Partners has invested in over 80 companies, including E*Trade Group, Priceline.com, Proxicom, Belle Systems, and LHS Group. The firm is unique in its global perspective on information technology, its worldwide presence, its long-term approach to investments, and its commitment to provide sustained strategic assistance aimed at creating maximum value for its portfolio companies. GA Partners (www.gapartners.com) has offices in Greenwich, New York, Reston, London, Singapore, Tokyo, Hong Kong, and São Paulo.

About Flatiron Partners

Flatiron Partners (www.flatironpartners.com) is one of the country's preeminent Internet-focused venture capital firms. Located in the heart of Silicon Alley, Flatiron thrives off the synergy between the rapid evolution of digital technology and New York's unique mixture of content, commerce, and communications. The firm has been a pioneer in Internet investing, helping establish and build more than two dozen companies including Geocities, ITXC, iXL Enterprises, Kinkos.com, Starmedia, and Gamesville. Flatiron Partners is committed to the convergence of consumer electronics, wireless technology, and the Internet. Through Flatiron's 'Pervasive Computing' initiative, the firm will invest more than $50 million in companies that will extend the Internet beyond the desktop PC.

About Vindigo

Vindigo creates resource-rich software for mobile devices that allows people to explore, enjoy, and connect to the world around them. The company’s core product, also called Vindigo, transforms Palm Inc. organizers and compatibles into personal navigators. It delivers location-specific information about the limitless choices of places to go and things to do in popular cities. Combining mobility with an insider's insight and in-depth expert reviews from the nation's most trusted local sources—including The New York Times—Vindigo instantly adapts to a user's location and interests. Vindigo gives busy people the ability to make quick, savvy, lifestyle decisions about where to eat, shop, and play, whenever and wherever they are.

Vindigo is located at 259 W. 30th Street, 4th floor, New York, NY 10001. For information, contact Vindigo at: (212) 741-0715 or via the Web at www.vindigo.com.

Contacts:

Vindigo
Lisa Auslen
A&R Partners
650.762.2805
lauslen@arpartners.com

General Atlantic Partners
Caroline Gentile
Kekst and Company
212.521.4883
caroline-gentile@kekst.com

Flatiron Partners
Michael Prichinello
RLM Public Relations
212.741.5106
mike@yeahwhatever.com

Editor's Note: Screen shots with a viewable contact sheet at the following FTP site: ftp://209.239.171.239/vindigo/index.htm