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Summary:

RockYou, the big social networking app developer, has raised $10 million more in funding from SoftBank, which it says it will use to expand…

Rockyou

RockYou, the big social networking app developer, has raised $10 million more in funding from SoftBank, which it says it will use to expand in Asia. The company is buying a majority stake in its Asian joint venture, RockYou Asia, which was set up one-and-a-half years ago to bring social networking apps to social networking sites in Japan, Korea and China; the company doesn’t say how much of the $10 million will be used to buy up those shares or who it is buying them from. SoftBank and RockYou each owned 44 percent of RockYou Asia, while Japanese gaming firm GungHo Online Entertainment owned 9 percent and VC firm DCM owned another 3 percent.

The funding comes less than a year after RockYou raised $50 million in a fourth round. With the new cash, it will have now raised $127 million. More details in the release.

  1. Why does this company exist? What is their exit strategy? I’m not sure there is a reason.

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