Social Net Aimed At The Rich Gets $1 Million In Funding, New CEO

Don’t be surprised if you haven’t heard of Total Prestige — you may not have made the cut. The NY-based, invitation-only social net is geared toward millionaires (boasting both Saudi Arabian oil magnates and former soap stars among its roughly 650 members); and it’s about to get a $1 million cash injection from private investor Frank DeRose.

According to the NY Post, DeRose is backing Total Prestige in the hopes of transforming it from a mere social site into a hub for affluent types to actually broker business deals: “This is a place you can come for trusted networking with established professionals–and sure, you might make a new friend along the way, but that’s not our focus,” he said. DeRose, a founding partner of NY-based PE firm Ferrata Capital, is expected to be named CEO of the site as well.

A number of exclusive, luxe lifestyle online communities have sprung up over the past few years, including A Small World (whose European IPO was postponed earlier this year due to market turbulence) and the California-based Black Card Circle. But given the VC belt-tightening, Total Prestige’s focus on deal-making may help the network attract an influx of well-connected, hungry entrepreneurs that haven’t been able to drum up funding through more traditional means.

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