Social Network Gets $16.6 Million Funding

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Multiply, a social networking and sharing site based in Boca Raton, FL, has received a relatively big $16.6 million second round of funding. The round was led by VantagePoint Venture Partners, with participation by Point Judith Capital and previous investor Transcosmos Investments. The company’s first round was $6 was founded in 2003. The additional capital will be used to expand Multiply

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This has my attention, for several reasons.

I'm a writer. I joined Y/360 two years ago due to an invitation from some pretty well-placed people in the tech-community, and have been one of Y/360's 'featured' bloggers for nearly a year now. I've done all of this because the social-aspect of collaborating with other bloggers and writers has always appealed to me.

Yahoo, for its part, has never corrected the technical problems with Y/360, has never fully addressed the gratuitous 'drama' issues inherent with its user-base, never done what was necessary to adequately promote the product – much less get it out of beta-mode, and has never attracted the kind and caliber of user which would have made my experience meaningful.

It appears that Mulitply is much the same concept – with an even-greater feature-set – done 'right'.

I will await the success of this venture, as any company in this market-space needs continued funding through the startup phase to be so.

I also might need a new home for my writing.

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