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Summary:

Don’t be surprised if you haven’t heard of Total Prestige — you may not have made the cut. The NY-based, invitation-only social net is gear…

Don’t be surprised if you haven’t heard of Total Prestige — you may not have made the cut. The NY-based, invitation-only social net is geared toward millionaires (boasting both Saudi Arabian oil magnates and former soap stars among its roughly 650 members); and it’s about to get a $1 million cash injection from private investor Frank DeRose.

According to the NY Post, DeRose is backing Total Prestige in the hopes of transforming it from a mere social site into a hub for affluent types to actually broker business deals: “This is a place you can come for trusted networking with established professionals–and sure, you might make a new friend along the way, but that’s not our focus,” he said. DeRose, a founding partner of NY-based PE firm Ferrata Capital, is expected to be named CEO of the site as well.

A number of exclusive, luxe lifestyle online communities have sprung up over the past few years, including A Small World (whose European IPO was postponed earlier this year due to market turbulence) and the California-based Black Card Circle. But given the VC belt-tightening, Total Prestige’s focus on deal-making may help the network attract an influx of well-connected, hungry entrepreneurs that haven’t been able to drum up funding through more traditional means.

  1. Conrad Clyburn Tuesday, December 2, 2008

    Interesting. How could the valuation be justified for Total Prestige with only 650 members. I run a network for medical technology experts, policy makers & investors with about 300 members, but never thought of investing $1m.

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