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Summary:

[qi:064] Social Networking world these days may seem like all-Facebook-all-the-time, but there are other social nets that are gaining traction, and are drawing interest from the venture capital community. Hi5, a San Francisco-based social networking start-up is said to have raised about $20 million in its […]

[qi:064] Social Networking world these days may seem like all-Facebook-all-the-time, but there are other social nets that are gaining traction, and are drawing interest from the venture capital community. Hi5, a San Francisco-based social networking start-up is said to have raised about $20 million in its latest round of funding. The VC firm involved in this round of funding is said to be Mohr Davidow Ventures. (Update:) The company had raised some angel funding previously, and this is company’s first institutional round.

The company co-founded by Ramu Yalamanchi, started out as a social-network-plus matrimonial site targeting the Indian diaspora, but later morphed into a social network, and since then has gained popularity in some Latin American countries, Mongolia, Tunisia and Romania. The company has about 30 million members and serves up 200 million pages a day.

If you look at this social networking map of the world, one finds that there are quite a few international-only players. Someone like Google or Yahoo should attempt a large scale consolidation – or at least that is what Hi5′s backers must be hoping for.

By Om Malik

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  1. The whole ad thing itself is very obfuscating…now throw in the fact that most of your users are in Mongolia, Romania etc. I wouldn’t know where to start when it comes to an ad based biz model.

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  2. Happy to see that not everyone is rolling over and playing dead.

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  3. Hi5 is not differentiating itself or offering any kind of unique value proposition that Myspace or Facebook doesn’t already offer. As you suggested, this company probably exists solely to get bought out (i.e. it stands for nothing, has no values, no purpose other than to enrich its VCs and founders).

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  4. Hi5 is not differentiating itself or offering any kind of unique value proposition that Myspace or Facebook doesn’t already offer. As you suggested, this company probably exists solely to get bought out (i.e. it stands for nothing, has no values, no purpose other than to enrich its VCs and founders).

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  5. Judging by how far Ramu got on minimal resources I’m sure they’ll do great with some actual funding now! Congrats to Hi5 Team!

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  6. Latest round of financing? How about only round of financing. By staying lean and growing organically Hi5 hi5 the Alexa top 15 while running a profit.

    Also, not mentioned above is that Hi5′s big market is Portugal.

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  7. [...] Gigaom] Link to This [...]

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  8. [...] [via Gigaom] [...]

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