Friendster raises $10 million more; Facebook valued at $500M?
 |
Friendster, the early social-networking company that got overtaken by companies like MySpace and Facebook, isn’t giving up.
Its traffic is recovering, even if it is still behind the leaders. And its backers are steadfast: Kleiner Perkins and Benchmark, the two Silicon Valley venture firms that originally invested in the company, are joining DAG Ventures, to invest $10 million more into the company, according to the WSJ today.
In the piece, the company doesn’t reveal much new in terms of strategy. As already signaled, it intends to focus on adults in their 20s and 30s instead of competing to attract younger audiences.
The investment comes after a recapitalize it with $3.1 million investment earlier this year.
Also of note: The WSJ story says: “Facebook, of Palo Alto, raised $25 million in a third round of financing in April that valued the company at $500 million, according to a person familiar with the matter.”
Next Story: Friendster Gets $10 Million More
Previous Story: Farecast, the airfare predictor, launches nationwide
About the Author, Matt Marshall
Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.
