Multiply.com Adds $16.6 Million To Its Funding Sum
Multiply.com is a social network that claims that it has 6 million members. The site also claims that 1.25 million and thirteen thousand videos are added per day. Hence the name, Multiply. The number of members isn’t the only variable that has been multiplied on Multiply, but so did the amount of funding that it has received recently. VantagePoint Venture Partners, Point Judith Capital, and Transcosmos Investments have invested $16.6 million into the company as announced on VentureBeat today.
Multiply gained some traction when they first started in 2003, but has been overshadowed by other social network websites like Facebook, Friendster, and MySpace. Yet Multiply was able to retain a vast number of unique visitors: 10 million unique this past August (2 million in the U.S.) and is growing at 10% per month.
The key ingredient of Multiply’s user retention is its message boards. The message boards keeps users updated about when friends update blogs, distribute photos and videos, and other information. This is similar to Facebook’s news feeds. Multiply’s average age is around 35.
Last month, Multiply launched an iPhone version of its platform. All of Multiply.com’s management team members were previously working Daedalus World Wide Corporation. The company was founded by Peter Pezaris. Multiply.com also announced plans to make a toolbar.
I believe that the company raised a total of $22.6 million in funding since its Series A. I read about the company’s Series A on Mashable.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry