Social Network Tagged Gets $5 Million Venture Debt

Tagged, a social network whose reason for existence seems pointless (except occasionally getting spammed by its users to join the network), has raised $5 million in venture debt, from Horizon Technology Finance and Leader Ventures. The San Francisco-based site now calls itself a social discovery site, and last raised a $7 million second round in 2006, led by Mayfield Fund. More details here.

Update: VB quotes the company saying it is now

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