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Ultimate Arena Secures $5 Million Funding AND CHANGES NAME TO XFIRE
New
“Growth
of the Xfire service has been so rapid that we decided to change the name of
the company to Xfire,” said Mike Cassidy, CEO of Xfire. “Of course we still host online tournaments
at www.ultimatearena.com.”
The
funds will be used primarily to support the Xfire (www.xfire.com) service of the same name which
automatically keeps track of when and where gamers are
playing PC games online and lets their friends join them easily. Over 350,000 people in 100 countries have downloaded
Xfire since its beta launch in January.
“Xfire
solves a critical problem for users of multiplayer online games,” said Stewart Alsop, NEA general partner and newly appointed Xfire board
member, “which is to find a way to play with friends instead of complete
strangers. We've always found that the most successful companies make life
easier by solving real problems.”
“I’m thrilled
to have the backing of NEA and Draper Fisher Jurvetson, two of the top VC firms
in the world,” said Mike Cassidy. “We
have seen our business grow dramatically since the launch of our Xfire service,
and we look forward to benefiting from the experience that both NEA and DFJ can
provide as we continue this growth.”
About NEA
New Enterprise Associates (NEA) is
a leading venture capital firm focused on helping entrepreneurs create and
build major new enterprises that use technology to improve the way we live,
work, and play. Since its founding in 1978, the firm has followed the same
basic principles: support their entrepreneurs, provide an excellent return to
their limited partners, and practice their profession with high standards and
respect. Practicing classic venture capital for 25 years, NEA focuses on early
stage investments, playing an active role in assisting management to build
companies of lasting value. With $6 billion under management, NEA's experienced management team has invested in over 500
companies, of which more than 140 have gone public and more than 150 have been
acquired. NEA has offices in
About
Draper Fisher Jurvetson
Draper
Fisher Jurvetson is the premier early stage venture capital firm. Founded in
1985, Draper Fisher Jurvetson has created a global network of affiliated
venture funds with approximately $3 billion in capital commitments and offices
in the major technology centers around the world. Headquartered in
About Xfire
Xfire is the leading online game
platform in the world. The Xfire service (www.xfire.com)
is the first (and only) social networking tool for gamers. Xfire helps gamers play with their friends
much more easily. Xfire is also an IM
designed just for gamers. Over 350,000
gamers in over 100 countries have downloaded Xfire. Xfire is also the leading platform
where multiplayer gamers can play in online prize tournaments. The company was founded by Dennis “Thresh”
Fong (World Champion of Quake),