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Mr. Schmitz Invests 30 Million In LetsBuyIt.com Rescue Efforts

Calendar Feb 01, 2001 • User Avatar Anthony Pell
1 min read
General Esm H446
Topics%20covered

Topics Covered

cybersecurity expert investment funding internet retailer startup financing hacking background
The 27-year-old Mr Schmitz has emerged as the improbable white knight for the wobbly internet retailer LetsBuyIt.com, promising to invest up to pounds 30m in the loss-making venture. And on even the most cursory of glances, Mr Schmitz has a background . . . The 27-year-old Mr Schmitz has emerged as the improbable white knight for the wobbly internet retailer LetsBuyIt.com, promising to invest up to pounds 30m in the loss-making venture. And on even the most cursory of glances, Mr Schmitz has a background which makes Martha Lane Fox seem about as interesting as Ann Widdecombe.

It has already been well-aired that the young German made his name in his homeland by hacking into the computer systems of the Pentagon, NASA and Citibank. After getting caught he decided that it was safer to be a gamekeeper than a poacher. He founded an internet protection agency and was employed by major corporations to test their systems and make them safe. From there he set up Kimvestor, an internet investment fund specializing in dot.com start-ups.

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