VCs and Friendster Are Buddies Again

Friendster has raised $10 million from new investor DAG Ventures as well as long-time funders Kleiner Perkins and Benchmark, says the Wall Street Journal. This appears to be separate from the company’s $3.1 million recapitalization round earlier this year. The social network, for all the hits it takes in Silicon Valley, has a pretty strong audience, especially in Asia. The problem is that they cannot monetize that demographic. Alexa gives it a rank of 35th overall and shows upward growth, outpacing Facebook.

Friendster’s new broad social networking patent, which came to light in July, and its ominous language about enforcement have struck fear into the social networking scene. The promise of an intellectual property edge must have helped out this round. Friendster’s high-profile VCs are obviously heartened by the momentum, and are hoping their darndest not to have the company be a black mark on their records.

loading

Comments have been disabled for this post