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Ning-like social network builder SocialGO has raised £1.335 ($2.14) million on London’s AIM stock market, in a fund designed to finance the roll-out of its version-two software platform.
The current platform is quite rudimentary; the new one aims for simplicity and Facebook/Twitter integration, TechCrunch says.
SocialGO raised $800,000 (£498278.01) from Veddis Ventures one year ago but it went to the AIM market last month to raise an extra $300,000 (£186854.25) in working capital to avoid drawing all the VC funds.
The $2.2 (£1.37) million was raised by issuing new shares now worth 10 percent of the company, and will fund the firm “going forward for a long time”, Halliday says.
Halliday started SocialGO along with Bright Things. It’s operating in the same space as Ning and Webjam. It claims over 200,000 hosted sites and 3.5 million monthly users including Hilton Hotels, Oxfam and Levi.