October 4, 2004

Halsey’s new $50M OnDemand fund for GC apps

The Now Economy By: ams

This is pretty significant news, as the wheel of creative destructions cycles around yet again — this new fund certainly is fueled by some of the gains from the success of Salesforce.com. Now, he’s in a position to invest in yet further iterations of these ideas: “The fund is specifically for companies who develop services and applications that are developed and delivered via Grand Central’s Business Services Network.”

Halsey Minor’s new fund commits $50M to develop companies on top of Grand Central

Grand Central’s Minor announced that he has personally created a $50 million On Demand venture capital fund. Minor established the fund to accelerate the development and deployment of On Demand applications that don’t require the use of software or hardware and are delivered as subscription-based services over the Internet. On Demand solutions deliver the same functionality as traditional enterprise software applications but cost significantly less, are less complex to implement and deliver a faster return on investment. Grand Central’s new developer program provides the ideal platform for entrepreneurs to build and launch these on demand solutions and then submit them for review and funding. For more details on this announcement see http://www.ondemandventurefund.com/.

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