More on Friendster $1 Million Funding

Friendster, the hot-as-hell online networking/community site, has received angel investment amounting to just more than $1 million. The investors include former Yahoo Chief Executive Tim Koogle, who will join the Friendster board of directors; former PayPal CEO Peter Thiel; and former Amazon.com and Netscape Communications executive Ram Shriram.

With a million members and counting, servers for six-month-old site are staggering under demand. Copycat competitors to the site are cropping up, and rumors of imminent subscription fees are riling members.

The new funds will go mostly into site infrastructure…in addition, the site is planning to debut new features, including an instant-messaging application.

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