SocialMedia Networks Takes $3.5 Million Series A

Social network platform provider SocialMedia Networks has taken $3.5 million Series A in a round led by Charles River Ventures that also included Marc Andreessen and Jeff Clavier (founder and managing partner of SoftTech VC). CRV had previously seed funded the company with $500,000.

SocialMedia Networks provides a suite of tools and services for developers building applications that run on social networking platforms including Facebook and MySpace.

SocialMedia Network’s Appsaholic sells click-throughs to other Facebook applications across a network of affiliated sites, a similar model to FBExchange’s link exchange model, but has more features (reporting) and seems easier to use (FBEx requires separate filings, Appsaholic can use PayPal).

George Zachary of Charles River Ventures said that the investment “underscores the significant opportunity for SocialMedia Networks to become the new standard for how social networks are monetized.”

• Sphere It
• 

This entry was posted on Thursday, October 18th, 2007 at 1:20 am and is filed under Company & Product Profiles. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.