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While I was away for the weekend at a bachelor party, Liz Gannes at GigaOM (congrats on the move Liz!) wrote that Friendster has raised another $10 million dollars.
This appears to be separate from the company’s $3.1 million recapitalization round earlier this year. The social network, for all the hits it takes in Silicon Valley, has a pretty strong audience, especially in Asia. The problem is that they cannot monetize that demographic. Alexa gives it a rank of 35th overall and shows upward growth, outpacing Facebook.
They couldn’t sell it for $5 million and now they’ve taken another $13 million. Who cares about not monetizing the Philippines when your next big revenue stream is patent enforcement.
We’ll see how the Facebook API affects traffic over the next few months.
Technorati Tags: friendster
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Shazam (Check me out!)
// Aug 24, 2006 at 9:18 am
“Who cares about not monetizing the Philippines when your next big revenue stream is patent enforcement.” …. good one! Dave, this is the best line that you’ve written in ages.
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