Elite social networking site Total Prestige to raise $1M

December 2, 2008 | Eric Eldon | Comments | |

Total Prestige, another social network that aims to cater to elite users, plans to raise $1 million from angel investor Frank DeRose. The founding partner of private equity firm Ferrata Capital, DeRose wants the company to help facilitate investments, according to a New York Post story.

Is there a market for elite social networks? The market that rivals like A Small World, DiamondLounge and content-focused sites like Spire.com are already trying to capture in some form? To diversify and attract members, Total Prestige is also looking at hosting events and publishing a print magazine.

From the article:

Since the site launched in late September, DeRose, who is expected to be named chief executive of the company, and Rose Marie Perez, a former model who has run the operation since it was founded, have added 650 member profiles. The list is speckled with European royalty out to promote their charity work and Saudi Arabian oil men looking for clean-energy deals. Recent New York City members include Paolo Zampoli, a modeling agency mogul, and Thomas Kirchner, the managing director of the Pennsylvania Avenue Fund.

This plebe isn’t a member of any of these networks, and the people he knows who are don’t seem to really think any of them are a big deal. How much money is anyone in this market actually making? If you’re in one of these exclusive, invite-only networks, send me an invite so I can do some investigative reporting on the matter: eric (at) venturebeat (dot) com.

In the meantime, I’ll take some outsider shots at Total Prestige. Its interface breaks in Camino, my web browser of choice (possibly the choice of geeky elite types, as well). There’s more than one typo (no hints — Total Prestige, do your own copy-editing). And why is the company trying to get publicity through a news article? Why not just network directly with power-brokers and stay behind the scenes like most power-brokers prefer to?

Of course, I’ll take everything back if Total Prestige actually helps good companies get much-needed financing. That’s what I care about here.

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About the Author, Eric Eldon

Eric currently covers digital media technology and business news, especially what's happening on social networks and their platforms. He also writes and edits stories about venture capital, and lots of other stuff, too. He started at VentureBeat in the spring of 2007, half a year or so after Matt Marshall left his reporting job at the San Jose Mercury News to found the site. Eric previously cofounded a startup called Writewith, that was building editorial software for newspapers and other groups of writers. The startup didn't work out, but he learned a lot.

  • Antony R.
    Is this really a social networking website? I can't even access the registration page from the main page.

    As to Diamonlounge, it's never been an "elite" social network like they pretend to be, but a dating website for a few "wannabees".
  • Oliver
    What I don't understand, is I found their 'social network' which is closed, but it's run off of Ning's platform. What is the 1 million for if they're using someone elses free tech/platform?
  • Bud Smith
    Diamondlounge and asmallworld both are sites for wannabees, it all smoke and mirrors with both of them.

    The real story is that both sites are having cash problems stemming from a fall in advertising since they are realising the demographic just isn't there, and how can it be when there is no restriction about WHO gets invited, just who gets to do the inviting.

    Rumor has it that Harvey Weistein doubled his own original $4mill investment a few months back as reported by Gawker, just to keep asmallworld afloat and they are laying off employees left and right.
  • I'm members of ASW since 2004 and Total Prestige. ASW has expanded their content , event guides and apllications for their members. They have also kept a strict limit of growth to preserve the quality of the audience. Total Prestige is beautiful and the members are active and very elegant. It is a safe place to make new friends or explore business deals. I thinks it is wonderful that the money raised doesn't need to be spent on infastructure since it is based on the Ning platform . Since the ad dollars need to be spent more cautiously ASW and Total Prestige brings a focused audience for the luxury marketer. Warmest Regards, Cheray
  • I would also check out Decayenne.com too
  • Mark Dougherty
    I've been a member of many elite social networking sites (aSmallWorld, DiamondLounge, Quebe, etc.) but none of them are a better networking platform than Affluence.org

    Since Affluence is the only site that validates a person's net worth I know that I'm networking with all millionaires and billionaires. It doesn't even compare to LinkedIn in terms of getting business done. I am also a big Facebook fan which I think is ideal for connecting with old classmates and friends.