New internet business-to-business outfit, Xelector, has secured a £110m valuation in its second round of funding. The company has secured backing from a number of blue-chip firms including CGU, Morgan Stanley Dean Witter and the Overseas Union Bank.

Xelector's Chief executive, Jussi Laurimaa said the news demonstrated that business-to-business internet stocks are still valuable.

He said: "Today's announcement just goes to show that, despite the hype, a solid business concept with a demonstrable path to profitability can still attract the valuation it deserves."

Xelector will provide a financial services platform for companies seeking to enter the market, or to existing players seeking to develop their own internet presence.