The Coming Social Networking Bubblet

Word leaked out, rather inadverently, that Friendster, the hot social networking site, may have received $10 million in further venture funding from Kleiner Perkins and Benchmark Capital. Friendster founder Jonathan Abrams, on the panel, coyly avoided confirming the rumor outright.

This was at a panel…Corante’s Many-to-Many blog writes about the discussion…

VentureBlog: “I think enough lessons were learned in the 90’s that this is not going to start Dotcom Gold Rush 2.0. But I did predict a coming “bubblet” in the space. There are a lot of companies developing social networking technologies and services and over the next six months will likely be a rush of VCs investing in them.”

Related: Friendster announced a $1 million funding earlier this month.

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