5 Dot-Com Busts: Where They Are Today
Then: CEO Beenz
Now: founder of Blur GroupBeenz, an online currency provider, was the dot-com precursor to Facebook Credits. Founded in 1998, the U.K.-based company positioned itself as the official currency of the web, letting consumers earn "beenz" through activities like visiting a Web site or online shopping. The e-currency could then be spent online through participating merchants. The company hired former software exec Philip Letts as CEO, and raised three rounds of funding from prominent investors like Oracle (ORCL) founder Larry Ellison. It its most high-profile deal, beenz was integrated into MasterCard's (MA) credit and debit cards, allowing users to spend the currency in offline stores. Letts helped Beenz expand rapidly, opening five offices in Europe, in addition to those in New York, Silicon Valley, Australia and Asia. He also grew the staff from 15 to 340 in less than two years. He left the company in mid-2000 to helm B2B marketing services company Tradaq.
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