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Adult social network Zivity is splitting in two, with the majority of its employees headed to a new celebrity-obsessed site called Top Fans. Zivity raised $8 million over two rounds of funding since late 2007; the startup has about $4 million worth of that cash left, according to TechCrunch, which will be split between both startups.
It’s a classic case of a company with disparate business strategies splitting in two: Zivity co-founder Cyan Banister will remain with the adult content side of the business, while former CEO Jon Elvekrog will head up the new site (which has a ton of competition from properties like MSN’s new UGC-focused Entertainment portal).
BlueRun Ventures and Founders Fund, Zivity’s backers, now have stakes in Top Fans, while Zivity’s founding team and angel investors have retained ownership of the original site.