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.
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“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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