MyYearBook is growing in US teen market, raises $13 million
Written on 30th July 2008
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Joop Dorresteijn, East Asia correspondent
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?
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