Ning, the all-around social networking start-up launched sometime in February, has recently closed its first investment round worth $44 million.
Said to be led by Legg Mason, this Ning investment came to a close with a top-notched group of investors, and with the help of New York-based Allen and Company.
Prior to this, Ning’s operating on funds raised by owner Marc Andreessen and a group of colleagues and freinds.
“We will be investing that money in our business — in scaling our operations to accommodate our traffic and growth; in our product design and development efforts; and in our platform evangelism and support programs. Apart from those investments, we plan on staying as lean and focused as we possibly can,” Andreessen said in this blog.
With this latest development, Ning is geared towards expanding their platform and improving the products and services in the coming months.
Originally posted on July 10, 2007 @ 5:30 am
Ièm wondering how past theyèll burn through $44 million.
This is a vote of confidence for social network providers besides MySpace and Facebook. There’s room for more, especially for people who are concerned with privacy and customization. Check out http://www.nexo.com for another good service.