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Cariocas Raises $5.25 Million in Second-Round Funding

Cariocas Press Release
Cariocas, Inc.
February 16, 2003
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Intelligent Promotion Platform Provider Raises Operating Cash To Expand Company's Growing Resource Requirements and to Maintain Market Leadership

Cariocas, Inc., the leading Intelligent Promotion Platform provider, announced today that it secured $5,250,000 in funding from New Enterprise Associates (NEA) and Odyssey, both current investors, as well as new investor Societe Generale Asset Management (SGAM), a Paris-based venture firm and one of the top three funds in France for high technology investments.

"We are proud to have raised sufficient capital to take us to profitability. We will use the proceeds to further develop our proprietary software platform and expand our sales force and network," said Laurent Massa, president and CEO of Cariocas. "Our early client successes with leading consumer brands clearly validate Cariocas' vision and Intelligent Promotion Platform that offers brands and their agencies a wide array of solutions to better engage consumers online, increase loyalty and sales while gathering behavioral information."

"Cariocas is clearly poised to continue its growth and leadership within the promotions arena," said Philippe Hayat, Partner, Societe Generale Asset Management (SGAM). "We are extremely pleased to be a part of this venture and look forward to watching the business grow and prosper."

"Cariocas is delighted to have all first-round investors participate in this financing round and we feel very fortunate to have attracted new investors of this caliber. The endorsement and support of our investors puts Cariocas in a strong position to increase market leadership," added Massa.

Cariocas enables brands and their agencies to engage and retain consumers throughout the marketing lifecycle -- with specific emphasis on loyalty and retention programs, product launches, and brand research. Cariocas' solutions are based on a modular technology platform featuring an array of currency systems, strategic games, auctions and smart interactions that can be combined to engage and retain consumers on a brand's web site in order to increase loyalty and sales. Additionally, Cariocas' solutions link to various media forms, both online and off-line, to allow brands to prompt and gather specific consumer behaviors (e.g., purchase, visits, information gather, referrals, etc.) and to measure and maximize the economics and effectiveness of promotions.

Cariocas is managed by Massa, the former President and CEO of, Inc. (now part of NBC), a company he co-founded and built into one of the 12 most-trafficked Internet sites and a leading direct e-commerce concern. Massa has held senior management positions with Olivetti Telemedia, Softkey International and Sun Microsystems, and is highly accomplished in brand management, direct marketing and the use of technology to achieve business results. Cariocas' co-founders Dr. Yoav Shoham and Dr. Moshe Tennenholtz are experts at bridging the gaps between computer science, economics and game theory (the study of interactions between people). Shoham, a professor of Computer Science at Stanford University, serves as the Company's Chairman, and Tennenholtz as its Chief Scientist. Previously, Shoham headed Stanford's Artificial Intelligence division in Computer Science and was the founder and chairman of TradingDynamics (now part of Ariba). Tennenholtz is a renowned professor at The Technion, Israel Institute of Technology.

Cariocas received more than $7 million in first-round funding in May 2001 from NEA, Odyssey and private investors.

About New Enterprise Associates

New Enterprise Associates (NEA) is one of the industry's premier venture capital firms. For more than 20 years, NEA has practiced classic venture capital by investing in early-stage companies and working with management to nurture and build companies of real and lasting value. NEA is now the leading start-up venture investor in the country specializing in the Information Technology and Medical / Life Sciences markets.

About Odyssey

Odyssey is a San Francisco-based market research firm dedicated exclusively to studying the complex and changing relationship between consumers and technology, including entertainment, information, communication, and commerce. Odyssey's clients, which include some of the largest advertisers, ad agencies, and consumer electronics companies in the world, leverage this information for customer acquisition strategies, pricing, targeting, product configuration and brand positioning. Odyssey Capital, the private equity arm of Odyssey, invests in early stage, private companies that are executing business strategies in and around Odyssey's target market.

About SGAM

SG Asset Management is a subsidiary of Societe Generale, and benefits from the expertise of the group which created the first French mutual fund in 1964. Created in January 1997, the subsidiary took over Societe Generale's asset management activities as an independent legal entity. SG Asset Management offers private and corporate clients and international institutional investors a wide range of investment products and services to fulfill their specific requirements.

About Cariocas

Founded in 2000 and headquartered in San Francisco, Cariocas provides leading consumer brands with a unique Intelligent Promotion Platform helping brands and their agencies engage and retain consumers through smart, integrated promotions that gather behavioral information across campaigns and help improve sales. Cariocas' technology is based on common components that can be quickly assembled to create unique promotion "engines" such as strategic games, auctions, multi-round tournaments, currency systems and other innovative activities. Cariocas' expertise is supported by a broad patent portfolio stemming from the Company's experience in Game Theory and the promotions arena. Cariocas is led by a seasoned management team of experienced entrepreneurs, world-renowned scientists and industry professionals. The Company is backed by New Enterprise Associates (NEA), Odyssey and Societe Generale Asset Management (SGAM).

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