CHARLOTTE, N.C. - First Union Corp.'s venture capital unit, eVentures Group, announced Thursday that it is participating in a second round of financing for BondDesk.com LLC, which develops software and system support for broker-dealers to offer online trading and research for fixed income securities.
First Union said it would participate in the online taxable and municipal bond marketplace that BondDesk will operate through its broker-dealer subsidiaries.
Tom Hoops, an investment partner with First Union's eVentures Group, will join BondDesk's board of managers.
The venture capital unit invests in emerging Internet-related technology companies. First Union said the business helps it gain early or exclusive access to new technologies and markets, expand Internet products and services, and increase its Web presence and distribution channels.
BondDesk's board of managers also includes representatives from Goldman Sachs Group, PaineWebber Group, Spear Leeds & Kellogg, Bear, Stearns & Co., Prudential Securities, A.G. Edwards & Sons Inc., and Bank of America Corp.