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SocialMedia Receives $1 Million for Network of Facebook Applications
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SocialMedia Receives $1 Million for Network of Facebook Applications
August 16, 2007
SocialMedia raised $1 Million from Charles River Ventures, SoftTech VC and HitForge.
What does SocialMedia do?
SocialMedia is a hosted platform for applications and a resulting advertising network.
VCU says:
SocialMedia provides a hosted platform for applications. The creator of the application does not need to worry about scaling their hardware infrastructure if their application becomes well received quickly and takes of virally. SocialMedia worries about the bandwidth.
Each new application hosted on the SocialMedia platform helps to increase their reach as they aggregate the applications into an advertising network. Advertisers can then advertise across the network of applications and the creators of the applications receive revenue from the sale.
A note about the term applications, on the SocialMedia site they refer to their platform hosting applications however most may call them widgets.
See the SocialMedia website.
Founders:
NA
Funders:
Read more about Charles River Ventures here
Read more about SoftTech VC here
Read more about HitForge here
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