Rustic Canyon, Steamboat Get Exit At MerchantCircle

Two Southern California venture capital firms have benefited from an acquisition yesterday of Mountain View-based MerchantCircle, an online local business advertising and networking site, by fellow online advertising firm Reply! Inc.. Both Rustic Canyon Partners and Steamboat Ventures were venture backers of MerchantCircle, which Reply said it would acquire yesterday for $60M in cash and stock. MerchantCircle's other backers are Scale Venture Partners and IAC. The firm had announced a total funding of around $14.3M.