Social network Ning has raised USD15m from LightSpeed Venture Partners in a fifth funding round that values the startup at USD750m. Ning has now raised USD119m in venture capital funding from investors including Allen & Co, Legg Mason, Reid Hoffman and Marc Andreessen, the company’s chairman and co-founder.
Ning, founded in 2007, allows users to create their own social networks customised to a particular group or interest. The company announced the creation of its millionth social network in April, with around 200,000 of them still active. The site claims it adds 1m registered users every 15 days, although the number of unique visitors to the website fell by 10% from May to June.
Ning aims to make money though a USD55 premium subscription service and online advertising. The company says it is also looking to offer a range of services, including virtual gifts.
StrategyEye's related categories: Finance - Venture Capital, Social Networks - Consumer
StrategyEye's related companies: Ning, Lightspeed Venture Partners, Legg Mason, Allen & Co
