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Press Release Panraven, Inc. Panraven, Inc. is Formed - Receives Funding from Leading Investors to Provide New Solutions for Capturing, Expressing and Sharing Life's Most Enriching Moments CAMBRIDGE, Mass. – June 23, 2005 – Founder and CEO Frode Eilertsen, and co-founder John Shumway today announced the formation of Panraven, Inc., a Delaware corporation based in Cambridge, MA. Panraven will offer new ways for people to capture, express, and share their life experiences through words, pictures and video both online and in print. Initially, the company will focus on travel through partnerships with premium tour operators. US tour operators and cruise lines serve 27M passengers a year departing from North America. At an average spend of $2,500 per person, that brings the tour and cruise market for to over $67 billion dollars per year in North America alone. Also announced was the closing of an initial funding round with participation from leading investors including Tim Draper (Skype, Hotmail, Baidu), Manny Fernandez, formerly CEO of Gartner Group, David Flaschen, former CEO of R.H. Donnelly and Thompson Financial, and the Chairman and CEO of one of the premier tour companies in the United States.
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