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Summary:

[qi:101] Some venture capital investors don’t seem to be fazed by the current downturn in the financial markets and overall economy. Today, Redwood City, Calif.-based RockYou announced that it has raised another $17 million from Softbank and SK Telecom Ventures, the venture capital arm of SK Telecom. By the […]

[qi:101] Some venture capital investors don’t seem to be fazed by the current downturn in the financial markets and overall economy. Today, Redwood City, Calif.-based RockYou announced that it has raised another $17 million from Softbank and SK Telecom Ventures, the venture capital arm of SK Telecom. By the way, SK’s track record of investments in the U.S. is below average. In June 2008, RockYou announced an initial C Round investment of $35 million, led by DCM. The company has so far raised a total of $67 million.

RockYou makes social applications and is often fighting it out with Slide, another social app maker with ample VC reserves. (UPDATE) Kara Swisher interviewed the company founders, CEO Lance Tokuda and CTO Jia Shen, who said that the new “money would be used to expand into the Asia-Pacific market, including onto Xiaonei, one of China’s largest social networking sites.” RockYou says it will also use this money to acquire some competitors and grow its operations in New York, Los Angeles and Detroit. My guess is that they might need this $17 million and more to keep the lights on, for the advertising-market downturn is making everyone rethink their math for now.

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By Om Malik

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  1. Jay Goldman » Blog Archive » RockYou Gets $17m from Softbank and SK Telecom Ventures Monday, November 3, 2008

    [...] noted on Gigaom this morning, social app maker RockYou has secured a $17 million round from Softbank and SK [...]

  2. D/TOWNIE – A Detroit Blog » Blog Archive » RockYou Detroit Saturday, November 29, 2008

    [...] have been numerous reports of Web 2.0 company RockYou getting funding from Japanese Internet company SoftBank and opening an office in Detroit. While it would be [...]

  3. D/TOWNIE – A Detroit Blog » Blog Archive Saturday, November 29, 2008

    [...] have been numerous reports of Web 2.0 company RockYou getting funding from Japanese Internet company SoftBank and opening an office in Detroit. While it would be [...]

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