Social Network Hi5 gets $20 million

[qi:064] Social Networking world these days may seem like all-Facebook-all-the-time, but there are other social nets that are gaining traction, and are drawing interest from the venture capital community. Hi5, a San Francisco-based social networking start-up is said to have raised about $20 million in its latest round of funding. The VC firm involved in this round of funding is said to be Mohr Davidow Ventures. (Update:) The company had raised some angel funding previously, and this is company’s first institutional round.

The company co-founded by Ramu Yalamanchi, started out as a social-network-plus matrimonial site targeting the Indian diaspora, but later morphed into a social network, and since then has gained popularity in some Latin American countries, Mongolia, Tunisia and Romania. The company has about 30 million members and serves up 200 million pages a day.

If you look at this social networking map of the world, one finds that there are quite a few international-only players. Someone like Google or Yahoo should attempt a large scale consolidation – or at least that is what Hi5’s backers must be hoping for.