Just announced today, a $53 million investment from Bain Capital Ventures, Sequoia Capital, Greylock Partners and Bessemer Venture Partners values #3 social networking site at $1 Billion. The VC’s received 5% of the company for the investment.
In 2007, Microsoft paid $240 million for 1.6 percent of Facebook, making the Facebook valuation at that time around $15 billion. Linked in has 23 million members; Facebook about 70 million.
MySpace, owned by News Corp, just relaunched with a brand new look today as well, seeking to stay ahead of the pack as the #1 social networking site.
Social networking sites continue to be the hottest sector of both site growth and VC funding, and the investment is not limited to the big secular sites. Last month Christian video sharing site GodTube landed $30 million from GLG Partners. The investment valued GodTube at nearly $150 million, according to PaidContent.org.
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