Global venture capital firm Canaan Partners announced today that Dan Ciporin, the former chairman and CEO of Shopping.com, has joined the firm as a venture partner in its Westport, Connecticut office. In this capacity, Mr. Ciporin will work with Canaan’s global teams to identify technology trends and pursue investment opportunities, particularly in the Internet and digital media sectors.
Over the last decade, Mr. Ciporin has been focused on the development and implementation of technology for the Internet and new media. As chairman and CEO of Shopping.com, he transformed the company into the global leader in online comparison shopping, enabling it to become the third largest e-commerce site on the Internet according to Comscore/Media Metrix. Under Ciporin’s six years of leadership, Shopping.com went from start-up to public company with more than $100 million in sales, eventually being acquired by eBay in 2005 for approximately $620 million.
Prior to Shopping.com, Mr. Ciporin was head of MasterCard’s global debit services business, where his extensive product insight, management and marketing skills were instrumental in establishing the company’s leadership in the global electronic debit market. Most recently, Mr. Ciporin was chairman of the LGiLab, a joint initiative funding early-stage Israeli Internet startups co-founded by Gemini Israel Funds and Lightspeed Venture Partners. He also serves on the board of directors for VistaPrint (VPRT) and Primedia (PRM), as well as several privately-held companies in the digital media space.
In Canaan’s East coast office, Mr. Ciporin will focus on investing in digital media and communications companies in the Boston-New York-Washington corridor, the “traditional” media capital of the United States, as well as in Israel, where Shopping.com had its origins and which continues to be one of the world’s leading technology centers. “We are in the beginning phases of a tectonic shift in the way media content is produced, consumed, delivered and sold, and the opportunities for entrepreneurs and investors alike in this shift are enormous,” said Ciporin. “As a top tier venture firm with more than 20 years of successful investment experience, Canaan has long been at the forefront of recognizing and investing in new, transformational companies and trends. I look forward to working with the Canaan team to continue that successful record of investment in this new digital frontier, especially as it unfolds in Israel and the Boston-New York-Washington corridor.”
“With successful investments in companies like DoubleClick and Match.com in our heritage, as well as exciting new ventures in start-ups, such as Tremor Media, Bharat Matrimony and Blurb, Canaan continues to be a pioneer in the Internet and digital media world,” said Deepak Kamra, General Partner at Canaan. “Dan’s joining the firm indicates our strengthening commitment to continue building great companies in this space.”
Given his extensive network and experience in the East coast of the United States and in Israel, it is expected that Mr. Ciporin’s initial focus will be on Internet and new media start-up ventures in those geographic areas.
About Canaan Partners
Canaan Partners is a leading global venture capital firm specializing in early-stage information technology and life sciences investments. Founded in 1987, Canaan Partners has $2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions, and brought over 50 companies public. The firm catalyzes the development of innovative mobile, Internet, CleanTech, networking, semiconductor, enterprise software and services, biotechnology and medical devices to build next-generation market leaders. Canaan was an early investor in Acme Packet (APKT), Active Network, BharatMatrimony, Blurb, Capstone Turbine (CPST), Cerexa (acquired by FRX), CombinatoRx (CRXX), CommerceOne (CMRC), Cortina Systems, Dexcom (DXCM), Dexterra, DoubleClick (DCLK), ID Analytics, Immunicon (IMMC), Match.com (acquired by TMCS), Northstar Neuroscience (NSTR) and Tremor Media, along with dozens of other market-leading companies. Canaan is headquartered in Menlo Park, California, and has offices in Connecticut, India and Israel. For more information visit: www.canaan.com.