Multiply Raises $5 Million From ABS-CBN; Now Valuated At $100 Million
Multiply.com is a social network that offers similar services as Facebook. The difference is that Multiply allows users to upload higher quality videos and photos into a digital scrapbook for a premium price. Multiply has a large number of adult users as well.
Recently Multiply raised $5 million in funding from ABS-CBN, a Philippines-based media company. The $5 million gave ABS-CBN a 5% stake (2.5 million shares). ABS-CBN was also given the option to invest another $4 million in the next 3 years to attain a 10% stake.
To date, Multiply has raised $27.6 million in funding from VantagePoint Venture Partners, Point Judith Capital, and Trans Cosmos. With this round of funding, TechCrunch pegs Multiply’s valuation to be around $100 million. Multiply is based in Boca Raton, FL and has offices in San Francisco, CA and NYC.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry