hi5 Secures $20 Million in Funding
Leading international social networking site takes first institutional financing round for expansion
San Francisco, CA; July 24, 2007 – hi5, one of the leading social networks in the world, today announced it has secured $20 million in venture capital funding. Led by MDV-Mohr Davidow Ventures, a Silicon Valley-based venture firm investing in early stage Internet, Cleantech and Life Sciences startups, the new funding will enable the company to expand services and grow into new markets with its popular website. With more than 60 million registered members, hi5 is a top 10 site in more than 25 countries around the globe. Prior to this financing, the company had operated profitably for the last two years.
“hi5 has developed a strong global brand and loyal audience around the world, and we are very enthusiastic about the large market opportunity, the business momentum, and the great team they have assembled,” said Jon Feiber, an MDV Partner, and new hi5 board member. “When we were evaluating potential investments in the social networking space, hi5’s massive global community and track record of profitability made it a clear choice. We’re excited to help the hi5 team continue to extend its reach.”
Each day, millions of people connect and communicate with each other using hi5’s global platform. hi5 provides a platform that breaks down location barriers, making it easier for people to stay connected with friends around the world.
“As a leading international social network, we recognize the value and opportunity in markets across the World, and we are in a strong position to continue our rapid growth.” said Ramu Yalamanchi, CEO of hi5. “With the support of MDV, we’ll be able to continue to invest in our platform, and to make it more valuable and relevant to our membership across the Globe.”
About hi5
hi5 is one of the leading social networks in the world, with over 60 million registered members. Members use hi5 to communicate with friends around the world, and to connect with the local and global communities that are important to them. hi5 provides a localized experience for its members, enabling people to connect with others based on language or other personally relevant cultural and popular interests. hi5 was founded in 2003, is privately held, and located in San Francisco.
About MDV-Mohr Davidow Ventures
MDV is a leading early stage Silicon Valley-based venture capital firm. For 25 years the firm has identified, mentored and developed entrepreneurs and young companies redefining business technology and medicine. The firm invests around three major business and science concerns: Driving the Digital World; Powering the Planet; and Personalizing Medicine. The MDV team partners with entrepreneurs and engages very early in the life of a company to impact its long-term success. Category-leading companies funded by MDV include Agile, Brocade, Energy Innovations, Epigram (BRCM), FormFactor, Ipsilon Networks (NOK), Kalpana (CSCO), Nanosolar, NeuroMolecular Pharmaceuticals, ONI Systems (CIEN), ParAllele (AFFX), Pivotal Technologies (BRCM), Revenue Science, and Shutterfly. MDV has $1.4 billion dollars under management. For more information, visit www.mdv.com.
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