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News and Information Article
LONDON and SAN FRANCISCO, May 23 // -- Bebo, the next
generation social networking site, today announced that it has closed a $15
million first round of financing from Benchmark Capital, the international
venture capital firm behind eBay, betfair and MySQL. Bebo will use the
funding to expand the U.S. team and open a London office, maintain its
market leading position, and develop the business in its other core
markets.
Having launched just ten months ago in July 2005, Bebo is now the
largest social networking site in the UK, Ireland, and New Zealand. Bebo is
also growing rapidly in its other core markets, the United States,
Australia and Canada, with a total of 24 million registered members turning
2.5 billion monthly page views worldwide.
Michael Birch, CEO and founder of Bebo said, "Today concludes our
search for what we believe is the perfect partner for Bebo, and I am
delighted that Barry Maloney, a general partner at Benchmark, is joining
our board of directors. Barry and Benchmark have not only extensive
knowledge in building technology companies of lasting value, but also a
real understanding of the social media space, having invested in companies
such as Friendster, WeeWorld and Habbo Hotel."
"Were pleased to have led this exciting and competitive investment in
Bebo." said Barry Maloney, from Benchmark Capital. "Were a strong believer
in the social networking space, and Bebo is well-positioned to remain a
market leader. The Bebo management team has extensive experience, and we
are looking forward to partnering with them to make Bebo the number one
social networking site in the world."
About Bebo
Bebo is the next generation social network that enables school, college
and university students to stay in touch with their friends, find long lost
friends and meet new people. Officially launched in July 2005, in just ten
months, the social network has more than 24 million registered members
viewing 2.5 billion monthly page views. According to third party sources
such as Nielsen and Alexa, Bebo is the largest social networking site in
the UK, Ireland, and New Zealand, and it is growing quickly in the United
States, Australia and Canada. Nielsen recently reported that Bebo is the
most recognized online brand among teens in the UK. Bebo received the 2006
Webby Award Peoples Vote as the best social networking site in the world.
For more information on Bebo, visit its website http://www.bebo.com
About Benchmark Capital
Benchmark Capital was founded in 1995 to help talented entrepreneurs
build great technology companies focused on long-term growth. With offices
in Europe, US (Silicon Valley) and Israel, Benchmarks partners take an
intensive, hands-on, team-oriented, approach to venture investing to
deliver a superior level of service to the firms portfolio companies.
Benchmarks portfolio includes franchise companies such as Sulake, creator
of online community HabboHotel, Setanta, the sports broadcaster, Alphyra,
the leading pan European electronic payments provider, Betfair (the worlds
largest online betting company), eBay, Juniper Networks, MySQL (the leading
open source database business) and Red Hat.
Managing more than $3 billion in committed venture capital, Benchmark
focuses on investing in entrepreneurs with original ideas. Benchmark
arrived in Europe in May 2000 since when it has made over 40 investments
across a variety of market sectors and geographies. The $375m currently
being invested by Benchmark in Europe follows Benchmarks first European
fund of $500m. For more information on Benchmark, visit its website at
http://www.benchmark.com
For further information and images, please contact:
Sarah Gavin, Communications Director, Bebo
sarah@bebo.com
T +44 7931 705 978
Victoria Palmer-Moore, Powerscourt
Victoria.palmermoore@powerscourtmedia.com
T +44 207 236 5680
M +44 7725 565545
Elizabeth Skerrit, Powerscourt
elizabeth.skerrit@powerscourtmedia.com
T +44 207 236 5615
M +44 7932023283
Xochi Birch, Co-founder and Vice President of Finance
T 415-581-0700 x102
Xochi@bebo.com
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