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Power-lounging at the Beverly Hills Hotel, more traditionally known as the hot spot for the entertainment industry, PlanetOut founder Tom Rielly strikes a deal with Ron Buckmire, creator of the Queer Resources Directory.
(Photograph by Dana Fineman)
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nvestors agree: PlanetOut, an online service geared to gays and lesbians, is in the right place at the right time. Statistics indicate that a tremendous number of gay households are online. One reason: The anonymity of cyberspace may be preferable to joining an organization or subscribing to a magazine.
Along with daily news, PlanetOut features music, movie and book reviews, and a political action center. Recently, the service signed an acquisition deal with the Queer Resources Directory, the largest text-based library of HIV and gay-related material. Investors are confident that PlanetOut, scheduled for launch in April '96, will soar. Already, it has $3 million in financing from backers including Sequoia Venture Capital and America Online. "The timing couldn't be better," says founder Tom Rielly. "Everyone is acknowledging the role of 'community' in successful Internet enterprises, and that's exactly what PlanetOut is doing."
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