Survivor Update: Eight Months Later...

Sink or Swim Dot-Com Style... I thought it was time to revisit the status of the 14 companies that were profiled back on August 30, 2000 in my first "Survivor" Dispatch.  From the islands to the outback -- we've experienced some fallout.   Three competitors have disappeared from the e-commerce landscape.  Two others are approaching "life-support."  However, the status update is not entirely apocalyptic.  Several of the firms are really gaining customers and market traction.  Despite the bear market, new players continue to appear on the horizon.  The 13 original contestants included:

AvidXchange ... Provides online competitive bid management and purchasing for commercial and multi-family property owners.   Their strategy has been "deep in local markets".  AvidXchange has over 20 paying customers, decent cash reserves, several prominent new supplier partnerships as well as a soon-to-be announced big name investor.  

Brickwire ... The site is conceived as an office building-centric portal that will connect commercial property owners and managers with their tenants.  The company has "scaled back somewhat" but has recently licensed two modules to a Boston based landlord with a 2 million square feet portfolio. This portfolio will serve as a test-case for Brickwire. 

Cubitz ... The Seattle based transaction site, focused on the broker and tenant, never got far beyond the start-up phase and ceased operations in October 2000.  Cubitz's early demise was a result of its failure to acquire third round funding.

DealMover ... This collaborative transaction management platform, developed by software maker Westmark Harris Advisors, has continued to build steam over the past six month.  DealMover boasts over 300 companies as users including AOL/Time Warner, MCI WorldCom, Sun Microsystems and SBC. 

e-idc ... Offers the architectural, engineering and construction (AEC) industry web-based applications including catalogs of construction materials and contract furnishings, RFP/bid engines and wireless applications through a partnership with Palm.  This Annapolis based company has remained constant in terms of staff size, has increased its alliances with regional construction firms and private investors, but is still seeking its second round of financing. ...

PropertyCapital ... The site was created to match accredited investors with quality commercial real estate investments.  Its history was short-lived.  At present its web site is still up.  However the San Francisco based founders are in the process of "liquidating assets." 

PropertyRover ... Promotes itself as a real time specialized search engine for commercial real estate sale and space listings.   The NYC based site performs a dynamic query from a multitude of real estate related sources and functions as a "web enabler" versus a listings repository site.  PropertyRover is still on the radar screen -- currently undergoing beta testing with a launch set for April. 

RealPrompt ... Created as an online platform for managing investment sales transactions, San Francisco based RealPrompt is continuing its beta testing.  RealPrompt's most notable new customer is RREEF, which is using the site to manage its property dispositions efforts on the West Coast. 

RealStandard ... The company is a yet-to-be-launched portal site connected with the retail developer Forest City in Brooklyn, NY.  According to RealStandard, it has postponed its launch date but continues to work with the top retail developers.  RealStandard remains "committed to empowering the retail real estate community with information delivered with the latest web-based technology." 

RentPort ... Collects monthly multi-family resident rent payment information from property owners and electronically reports these payments to national credit bureaus.  While the web site has been recently updated, the status remains somewhat of a mystery since both e-mails and telephone calls went unanswered. 

RexOffice ... A self-described "portal" that functions as a building operating platform that connects building owners, tenants and property managers, was formerly launched in October 2000 and acquired three months later by SiteStuff in January 2001.  RexOffice was founded under the auspices of the Insignia Financial Group.  Market penetration has been slower than anticipated.  

Vectiv ... Offers an online solution to leverage advanced specialized information and mapping technologies to improve strategic real estate location decisions.  The site promotes how it can improve ROI for retailers, hoteliers and other location sensitive clients.   Its partnership with Accenture (formerly Andersen Consulting) has given Vectiv a technological, financial and customer advantage.  

VirtualPremise ... A provider of workflow, portfolio and lease management functions for corporate real estate managers and their service providers,  VirtualPremise recently named a new president.  Virtual Premise has continued to add to its stable of customers, including S1 Corporation, Colliers International and NAIDirect but is still seeking its next round of capital. 

Zethus ... The never-launched, all encompassing transaction platform that was backed by Goldman Sachs to the tune of $13-$15 million, filed for Chapter 7 bankruptcy in early March 2001.   There was much talk, lots of big press coverage -- but no final delivery. 

What has been the consistent thread between the "survivors?"  Targeted market focus, lower than average burn rates, and intensive focus on securing strong "bricks-and-mortar" alliance partners. 

--Eileen Circo