Hotbar raises $3.5m from C.E. Unterberg, Towbin

Internet tool developer Hotbar has raised $3.5 million in financing from American brokerage firm C.E. Unterberg, Towbin. This is the company's third private placement.

At the end of December 2000, Hotbar held a second financing round of $11 million at a company valuation of $32.5 million. The round was led by C.E. Unterberg, Towbin and Deutsche Banc Alex Brown. Venture capital fund Tamar Technologies, Eurofund 2000 and Technorov also participated.

Hotbar's first round of financing was held at the end of 1999, when the company raised $3 million at a company valuation of $7 million, before the money.

After its latest investment, Hotbar is valued at $47 million.

Hotbar's development tool enhances the Internet browser Explorer.