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NetShift receives venture capital funding

March 11, 2002

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BERKSHIRE, England - Kiosk technology provider NetShift Software Ltd., taking advantage of a revenue stream that flooded the Internet market for several years before drying up in the dot-bomb era, has obtained $5 million in venture capital funding from Shell Internet Ventures BV.

NetShift is expected to use the funds for marketing and product development purposes. The company's marketing focus will expand into new geographic markets as a result of Shell's investment.

"(Shell Internet Ventures) sees the shift towards self-service taking place in the retailing and service sectors and recognizes that our technology solutions are a key part of bringing about the change in those markets," said Nigel Seed, NetShift chairman and chief executive officer, in a news release.

Shell Internet Ventures was established by the Royal Dutch-Shell Group in November, 2000, to invest independently and through strategic alliances in technology companies whose products are considered important to Shell's operations. The company's primary focus is on the energy market, including petroleum production and sales.

Despite recent declines in venture capital funding because of declining economic conditions, NetShift is the second London-based kiosk software company to receive venture capital funding in recent months. Degasoft received a $3 million investment from The Venturos Group in June (see story: Degasoft's $3 million in VC funding to boost Kudos biz).

NetShift also announced on Oct. 1 that Nicholas Callinan, Shell Ventures senior vice president, would join the company's board of directors.

"We are impressed at the range of significant opportunities that the company has open to it," Callinan said in a press release. "In particular, we see significant potential for NetShift's technology solutions in the service and retailing sectors where Shell is active. We hope to introduce the technology to several companies in the Shell Group."

NetShift is a solution and service provider to the self-service industry, working with companies that produce and operate kiosks, ATMs, and other self-service devices.