Too Many Social Networks?

Business Week’s Social Netwoking Gold Rush had highlighted how social networks became the new black. And apparently, people, err… investors can’t get enough of them. Well, two more social networks have raised money. Rafat Ali has the details on the $15 million investment received by Bebo, a social network that is big in UK, Ireland and New Zealand. Benchmark,is the lead investor in Bebo, making this their second social networking investment. Friendster was the first, and was growing like mad when they invested.

Bebo is growing like crazy as well – it is ranked #10 by Comscore. Jeff Clavier notes that Alexa rankings put them ahead of Tagged, TagWorld, Buzznet and MyYearbook.

And there is news that Harvey Weinsten, formerly of Miramax along with ex-AOLer Bob Pittman have invested in, an invite only social network for the rich-types – aka anti-MySpace. If this is as exclusive a network, well, why not charge members for the privilege and use those funds to grow? Or is it really true – rich don’t pay for anything.

I am not sure where it is all going, but not all social networks are going to be around when the whirl-a-gig stops.