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ASmallWorld, the ultra-exclusive social network with the likes of Paul Allen, Paris Hilton, and Naomi Campbell as members, said market turbulence was preventing doing its IPO in Europe, founder and chairman Erik Wachtmeister told Reuters today. The company, founded in2004, raised its first round in 2006 from The Weinstein Co., Bob Pittman, and others. Now, the company says it is raising $6 million to $8 million from individual investors and private equity firms.
It remains small, and aims to grow to 1 million members within three years from 260,000 and become profitable and cash positive in Q1 2009. It made more than $3 million in revenue in 2007 and aimed to make about $15 million in 2009. CEO Joe Robinson said it had been approached by large media groups including Conde Nast and Time Warner (NYSE: TWX) but investors were not keen to sell.