Industry News

AgentConnect investment deal called off

Venture capitalist 'disappointed'

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

An anticipated venture capital investment in AgentConnect, an online lead generation service, is off the table, Inman News has learned. Jordan Spiegel, a partner with GESD Capital Partners in San Francisco, said AgentConnect CEO Payam Zamani informed him that he had "decided not to move forward with the financing." The deal had been expected to close in late November or early December 2003. Spiegel said Agent Connect's business had "taken off" and it became "questionable whether it made sense" to dilute the ownership in exchange for an infusion of capital. The funding was intended to accelerate the company's growth, but simply wasn't needed, he said. Zamani did not return telephone calls seeking more information about the dead deal and the company's plans. Spiegel said he's "disappointed" that the deal is off, but pleased that Zamani's business is booming. The two have been professional acquaintances for some years. The venture capitalist meanwhile has turned his attention to an...