WPP Invests in LiveWorld Soon After Alliance
British ad conglomerate WPP Group PLC, owner of agency brands such as JWT, Ogilvy & Mather and Wunderman, was the lead investor in a funding effort for LiveWorld Inc., an interactive shop that offers online customer community marketing.
LiveWorld Inc., Los Gatos, CA, said $2 million was raised from investors including WPP, London. The news comes less than two months after the joint venture was sealed between LiveWorld and WPP.
The investment round includes participation from Abundance Partners LP; partners of Allegis Capital, a California venture capital firm that already owns part of LiveWorld; and partners of DragonBridge, a fund pushing new business in China.
LiveWorld creates, operates and manages custom customer communities for clients like Discovery Communications, AOL UK, Intuit Inc., Mini Cooper USA, QVC, TV Guide, eBay, Campbell Soup Co., Intel, Dove and HBO. Revenue is nearly $10 million.