Social Networking - Thursday, August 23, 2007
Facebook Genealogy App iFamily Raises Small Seed
Manhattan-based boutique investment bank CountryRoad Capital has invested between $250K-$500K in seed financing to iFamily, which has launched a Facebook genealogy app. iFamily claims to have the most users of social genealogy application on Facebook with 20,000 users since launching in June. Alley Insider suggests the valuation for iFamily's seed round was approximately $1M.
Genealogy has long been a bread-winner for Internet startups. Most recently LA-based genealogy site Geni raises funding at a $100M valuation. So we understand why there would be interest here even if the concept would be very easy for others to replicate. Country Road has investing in at least one other Facebook application company - Social Media.
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