. ICG provided $12 million of the new funding to boost its ownership to 33 percent from 26 percent. The latest round of venture capital financing will be used for "continued global growth and ongoing enhancements" It is StarCite's first new financing since the 2006 merger of StarCite and OnVantage
, although OnVantage in early 2006 had secured $18 million from its existing investors. StarCite continues the search for a new CEO to replace Mike Boult, who left in March. StarCite also reported a 30 percent year-over-year increase, to $7.5 billion, in the estimated economic value of meetings and events sourced through its marketplace.