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.”
See all
Post
deadpool
thought i was gonna be first!
The Social Networks themselves can’t even really figure out a super profitable way to monetize themselves, but a third party is going to become the standard way to monetize social networks by putting ads and stuff in a widget? Color me skeptical.
Congratulations to SocialMedia though…
Inverstors believe in the new Internet Projects…who does talk about another bubble?
Great stuff SocialMedia!
It’s a great platform idea!
“Social” = Fad!
Any money put into this crap is a total waste.
http://fakesteveballmer.blogspot.com
Congrats to Socialmedia!
hmm it is social + technology social media…
The sad truth is that this will go no further than Seth Goldstein’s other vainglorious attempts to jump on the latest band wagon. Ever hear of Root Markets? What happened to Atten.tv? Color me short.
Congrats to Social Media. What they have done in just a few weeks is already impressive. Will they ever manage to make money? Maybe, maybe not. But the potential is huge, and if someone ever succeeds in that field, the Social Media seems in a pretty good position to be among the winners. Of course, it’s risky, but isn’t it what VCs do?