Aiming to gain a larger share of the online teen audience where it already claims leadership, myYearbook.com raised $13 million in a Series B round led by Norwest Venture Partners and existing investors US Venture Partners and First Round Capital.
The company will use the new money to add features to attract teenage participants and monetize their viewership through branded advertising and other revenue generating schemes. MyYearbook cites June figures from Internet rating agency comScore Inc. showing it to be the leading online social site for teenagers, and cites rating agency Hitwise for calling it the fastest-growing, as well as the third-largest, social media community of any kind in the U.S.
The deal brings total investment in myYearbook to $18.6 million, and closely follows an $11 million round competitor Gaia Online announced two weeks ago from Benchmark Capital, Redpoint Ventures and Time Warner Inc. Gaia at the time cited Hitwise as rating it as having the highest average visit time among social networking Web sites. - Clifford Carlsen
See July 30 press release from MyYearbook.com
See July 14 post from TechConfidential
Continue reading below
