MyYearBook is growing in US teen market, raises $13 million
Written on July 30, 2008 – 1:00 pm
Joop Dorresteijn, Contributing editor
myYearbook raised $13 (€8) million, and the social network gained remarkable growth in the teen market, exceptional given the established presence of Myspace.
A social website launched three years ago, myYearbook claims to be the third largest social network in the US. TechCrunch reports that the site is only a fraction of the size of Myspace or Facebook, and that the site may have more high school users than Facebook. According to Hitwise, the site enjoyed a 384% year-to-year growth.
myYearbook received its second funding round led by Norwest Venture Partners, US Venture Partners and First Round Capital. Norwest Venture Partners’ Sergio Monsalve will join the company’s board of directors. The total funding is currently $18.6 (€12) million. The site is going to use the cash to add extra features and marketing to reach out to new members.
The site monetizes with advertisements, but also offers a way for users to decorate their profiles. They might be able to gain income from these virutal possessions on their network, simulair to Korean based Cyworld. Will these teens move on to Facebook when they go to college, or remain true to their first social network?
I hope you like that post!
Do you have a start-up that we should write about? Contact us! Thanks for visiting and hope you come back again!
Email
Facebook
Netlog
Linkedin
Twitter
The Next Web Blog is closely associated with The Next Web Conference which is held annually in Amsterdam, The Netherlands. At this event speakers from all over the world come together to talk about, and show of, the future of the Web. (
By Boris Veldhuijzen van Zanten on Jul 30, 2008
Oh no, not another one… ;-)
[Reply]
By Sebastian Moeys on Aug 1, 2008
This one has existed and has been pretty big for quite a few years.
[Reply]