2000 Press Releases
meVC Draper Fisher Jurvetson Fund I Invests $15 Million in FOLIOfn
SAN FRANCISCO, Califonia – meVC Draper Fisher Jurvetson Fund I, an information technology venture capital fund providing individual investors access to private equity investments (NYSE: MVC), today announced a $15 million mezzanine investment in FOLIOfn, (www.foliofn.com) a new online company that is creating a series of innovative financial services products. The Fund, which closed in March 2000 and will begin trading no later than June 26, 2000 on the New York Stock Exchange under the symbol “MVC,” is the first in what will be a family of meVC venture capital funds created to give individual investors the ability to diversify their investment portfolios and participate in private equity investments.
FOLIOfn’s first product, a proprietary system known as FOLIO Investing, uses the Internet and advanced technology to let investors easily buy and sell entire diversified baskets of stocks—known as “Folios”—with just a few clicks of the mouse. Instead of trying to pick stocks one at a time, or trying to identify the “perfect” mutual fund, investors simply select or create Folios that satisfy their investing goals and preferences. Investors can base their choices on preferred risk levels, personal values, industry sectors and other factors. Investors can choose from scores of Ready-to-Go Folios, or create their own, using stock selector tools or even picking one stock at a time. Investors can always modify any Folios to meet their preferences.
FOLIO Investing combines benefits of mutual fund investing, including diversification and simplicity, with advantages of stock investing, including corporate governance and tax planning tools that can save investors money. Its unique flat fee pricing allows investors to create and trade three Folios—comprised of one to 50 stocks each—for a flat fee of $29.95 per month or just $295 for a full year. There are no trading commissions or extra charges for twice-daily window trades.
“Until now, technology has only been used to make trading faster and cheaper,” said Steven M.H. Wallman, founder and CEO of FOLIOfn. ”Our first product, FOLIO Investing, offers investors a better and an easier choice. FOLIO Investing symbolizes the changes FOLIOfn is going to launch in the investing world. meVC’s support for what we’re doing underscores the Fund’s commitment to being at the forefront of technological change.”
“FOLIOfn has developed an industry revolutionizing product that can be marketed to individual investors, company 401K plans and investment professionals alike,” said John Grillos, Chairman and Chief Executive officer of meVC Draper Fisher Jurvetson Fund I, Inc. “We believe that FOLIOfn’s strong management team headed by Steven Wallman, a former SEC commissioner, will aid the company in navigating this new and exciting landscape of investing.”
About the meVC Draper Fisher Jurvetson Fund I, Inc.
meVC Draper Fisher Jurvetson Fund I, Inc., an information technology venture capital fund, was formed through a collaborative effort between meVC, a Delaware corporation, and Draper Fisher Jurvetson, a leading venture capital investment firm. The Fund’s investment objective is long-term capital appreciation from venture capital investments in information technology companies, primarily in the Internet, e-commerce, telecommunications, networking, software and information services industries. Additional information may be obtained by writing to meVC Draper Fisher Jurvetson Fund I, Inc., 991 Folsom Street, San Francisco, California 94107, Attention: Secretary or by calling 877-474-meVC (6382).
meVC is the first venture capital investment management firm to provide all individual investors access to private equity investments. meVC plans to sponsor a family of venture capital funds that invest in various venture capital industry sectors and geographic regions. In March of 2000, meVC launched its first Fund, a $330 million venture capital fund emphasizing investments in information technology companies. The Fund will be publicly traded on the New York Stock Exchange on June 26, 2000 under the symbol “MVC.” The company is headquartered in San Francisco, California, and can be reached via the Web at www.meVC.com or at 415-977-6150.
About Folio Investing
Folio Investing, a division of FOLIOfn Investments, Inc., is an online brokerage that enables investors to manage stocks, ETFs, and mutual funds as integrated investment portfolios called “Folios” that deliver better control, greater transparency, and lower cost. Investors can create their own Folios, much like creating personalized ETFs or mutual funds, or invest in over 100 Ready-to-Go Folios representing market indices, sectors, geographical regions, target dates, and more. The Folio Unlimited Plan features unlimited commission-free trading in twice-daily windows for only $29 a month or $290 a year. Ready-to-Go Folios can be managed or unmanaged, are not registered investment companies, and are offered by FOLIOfn Investments, Inc., a registered broker-dealer. FOLIOfn Investments, Inc. does not provide investment, tax, or legal advice. FOLIOfn Investments, Inc., is a member of FINRA/SIPC.
Statements in this announcement other than historical data and information constitute forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. Potential risks and uncertainties may include, but are not limited to, recent changes in senior management, fluctuations in operating results, market conditions and changes in technology and increased competition.