MyStrands, developer of social recommendation technologies, announced that it has raised $25 million in Series B funding lead by Antonio Asensio, the 25-year-old Spanish media mogul and CEO of Grupo Zeta, the third largest media group in Spain. Existing investors Debaeque and Sequel backed this round which brings total investment in the company to $31 million.
Founded in 2003, MyStrands develops technologies to better understand people’s tastes and help them discover things they like and didn’t know about already. MyStrands has developed a social recommender engine that is able to provide real-time personalized recommendations of products and services through computers, mobile phones and other Internet-connected devices. Currently, MyStrands employs a team of 50 people.
“In a world of content overload, aggregating and understanding people’s preferences is going to be key to personalizing the way people access and enjoy digital content,” says MyStrands’ CEO Francisco J Martin. “The new funds will allow us to remain independent and continue investing in developing technologies and new services to help people organize and explore digital media.”
Originally posted on June 18, 2007 @ 10:47 am