Social networking site hi5 14 million venture capital transformation social games
Beijing on July 14th news, according to foreign media reports, by the social gaming network hi5 most people long forgotten just completed a new round of financing, more than 14 million U.S. dollars of funds obtained from the Crosslink consortium led by Capital. This makes the financing of the social network of more than 34 million u.s..
seems to be a new round of financing also includes April from Moore · (Mohr Davidow); it raised $3 million in debt financing. A new round of financing will be used to continue to strengthen hi5’s social games and virtual goods. Hi5 has been actively reinventing the site to curry favor with the gaming industry, not long ago, the game also acquired a new company Big Six. Last fall, the social network launched a revised website, more emphasis on games and virtual currency, as well as a new avatar system.
last December, hi5 appointed a new president, the game industry veteran Alex · (Saint John Alex St. John), responsible for the transformation of the social network. Earlier this year, the company experienced layoffs and appointed a new CEO Bill · (Bill Gossman).
into the game industry is not a bad idea for hi5, because it obviously can not compete with Facebook. The site has only 60 million users, while the number of Facebook users reached 500 million. But in the field of social games, hi5 is also facing a lot of fast-growing, well funded competitors, including Zynga and Playdom, etc..