Social Networking - Thursday, May 24, 2007
Buzznet Takes $6M To Pay For Huge Server Demands
LA-based Buzznet has raised $6M in Series B. MySpace-backer Redpoint Ventures led the deal, and was joined by return backer Anthem Venture Partners.
Buzznet has seen some extreme growth trends, even by social networking standards. It now claims 6M users. Visits to Buzznet increased by 148.4% between January and February. Hitwise in March placed Buzznet 17th among social networking sites in terms of US market share.
In addition to establishing its own branded communities, Buzznet licenses its technology and services and creates branded social media experiences for major brands. For example, it built a site for the popular band Fall Out Buy, sponsored by Honda Civic.
The company also recently launched a Japanese-language site, Buzznet.jp.
Like MySpace, Buzznet has been growing through partnerships with Music. Buzznet works with the Coachella Festival outside Palm Springs and South By Southwest in Austin, TX.
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