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Friendster To Use $20M Round To Expand in Asia

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Aug 5, 2008 

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Kathleen  |

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Friendster To Use $20M Round To Expand in Asia

ADOTAS – Friendster is refocusing its strategy: the social network just closed a $20 million round of financing that it will use to maintain and extend its lead in Asia. It was one of the first super successful social networks in the U.S., but it in recent years, it has lost more and more market share to MySpace and Facebook.

The new financing round was led by IDG Ventures. In tandem with its funding announcement, Friendster announced the appointment of a new CEO. Richard Kimber, who hails from Google where he headed up South Asian, operations and business partnerships, is taking the helm. Former Friendster president Kent Lindstrom will be SVP of corporate development.

The $20 million will be used to grow its business in Asia with new hires and offices.

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