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AnnuityNet Raises $7.5 Million

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NU Online News Service, April 8, 4:55 p.m. – AnnuityNet Inc., Leesburg, Va., says it has raised $7.5 million.

The Phoenix Companies Inc., Hartford, and Ohio National Financial Services Inc., Cincinnati, are backing AnnuityNet for the first time.

Returning investors include affiliates of Conning & Company, Hartford; Friedman Billings Ramsey Inc., Arlington, Va.; General Electric Capital Corp., Stamford, Conn.; and Lincoln National Corp., Fort Wayne, Ind.

AnnuityNet sells products and services for distributing annuities through the Web.

Lincoln National provided the seed capital to start AnnuityNet back in the late 1990s. A group of investors that included Lincoln National and several other financial services companies invested $20 million in the company in May 2000.