Webstakes.com Gets $40M, Files for IPO

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Webstakes.com, New York, an online sweepstakes promotions company, has filed with the Securities and Exchange Commission for an initial public offering after securing $40 million in financing from 12 investors.

The company expects to expand its promotions and direct marketing services and will use $24 million to redeem a class of its outstanding stock.

The investors include Excite@Home; XL Ventures LLC; The Travelers Insurance Co.; NBC; Weiss, Peck and Greer LLC; Invesco Private Capital Inc.; Prospect Street Ventures; Allen & Co. Inc.; Primus Venture Partners Inc.; The Chatterjee Group; Catterton Partners; and Snapple co-founder Arnold Greenberg.

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