Hercules Technology Growth Capital is providing $1 million each to two social net startups. One of the two is Wallop, a San Francisco-based company that was initially created as part of a Microsoft research project. The funding will go towards purchasing equipment.
In addition, Hercules provided a growth loan of $1 million to an undisclosed company based in Los Angeles that is working on a multimedia networking community for music and pop culture. The two financings mark Hercules’ first transactions in the social net space. Wallop, which was spun out of Microsoft Research and Microsoft IP Ventures, is led by Karl Jacob, its CEO, and is backed Norwest Venture Partners, Bay Partners, Consor Capital and an equity stake from Microsoft. Release (pdf).
Related:
— <a href="http://www.paidcontent.org/entry/microsofts-spin-off-launching-social-networking-site-wallop-gets-10-million/" title="Microsoft
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