Multiply fetches $16 million
Add social network Multiply to the list of well funded. The company founded in 2003, which is focused on older users and those looking for a more closed environment to interact with those they already know rather than as a playground for making new contacts, pulled in $16m in a Series B Financing.
The round was led by VantagePoint Venture Partners. Point Judith Capital and previous Series A investors TransCosmos Investments also participated.
Multiply is based in Boca Raton Florida. In August they had about 10m visitors to their site and their membership was at about 6 million and growing steadily. (In March, the company reported passing the 4 million milestone. 5 million users were subscribed in June).
The financing comes at a time when other leading social networks have been in the spotlight for potential privacy issues. Multiply, in contrast to Facebook, or MySpace, tries to provide an environment that allows users a maximum amount of control over what they share with other users.
David Scott Carlick, Managing Director of VantagePoint Venture Partners adds “Multiply brings a unique and different outlook to the ‘social networking’ category. Unlike ‘meet the world’ networks, Multiply is about ‘friends and families’ being able to share their digital experiences and memories, and to save the whole living scrapbook, in full resolution, for life.”
Mr. Carlick, and Sean Marsh, a general partner at Point Judith both will join the company’s board of directors.
The $16m is on top of $6m raised in 2006. The proceeds will be used broadly towards further development and operations.
