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MyYearbook, a high school social network has come ringing with an announcement of fetching $13 million series B funding round that was led by Norwest Venture Partners along with existing investors namely US Ventures Partners and First Round Capital. The total sum is predicted to reach $18.6 million as Sergio Monsalve joins the investors (As reported by Eric Eldon).
The company has made huge leaps in growth despite the bigger horses already well set in the business. According to analysis, MyYearbook currently holds about 1.54% of the total US social network market. Though way behind MySpace (71.92%) and Facebook (16.91%), MyYearbook stills boasts of being the third largest social network in the US and it shows a lot of promise already.
The funding from this round will be used for the development of new features/services. With a positive trend in its growth both from Hitwise and ComScore MyYearbook maintains its rapid growth within the social networking circle. There is enough monetization already for its present form and its target audience being the teens, MyYearbook is on for the grab (in my opinion) with targeting the young.
Nonetheless comScore terms MyYearbook to be a teen side, instead of a social network and it therefore ranks it as number 1 teen site in the US with a following of over 4.5 million. Let’s just wait and see if this teen site matures itself to adulthood and rises fast in ranks to be a sizeable challenger of MySpace and Facebook.
I spent some time playing with MyYearBook. It feels to me like the ADHD site of the social networking world. Take the things everyone hates about MySpace & Facebook, reduce the age bracket, and add “forced” apps and you’ll end up with MyYearBook… the thought that someone is willing to give them $13 million scares me.
One thing to take into consideration on that valuation is that Myyearbook.com also is behind Owned! the most popular game on Facebook. Another game with equal traction, Friends For Sale, raised 4 million dollars.
See? Who said there isn’t money out there for “just another social network”?
Congratulations anyway.