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OpenLane Closes Venture Capital Round

Wednesday, May 28, 2008 5:56:00 AM PDT | VentureDeal Staff

Menlo Park, California -- Internet company OpenLane announced that it has secured $25 million in institutional venture funding.

OpenLane has developed an online auction system for automotive dealers to buy and sell wholesale vehicles throughout the United States and Canada.

Meritech Capital Partners which included August Capital, RPM Ventures, and Sciens Venture Partners.  OpenLane said the funds will be used to help the company scale its services in response to demand.

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