July 30, 2008
myYearbook, Leading Teen Destination Website, Raises $13 Million to Drive Growth and Build Out New Offerings
myYearbook.com, one of the most popular social media destinations on the Internet, announced today that it has secured a $13 million Series B investment by Norwest Venture Partners (NVP) with participation from existing investors, US Venture Partners and First Round Capital. myYearbook will use the funds to develop new services for its members and continue to drive revenue. Sergio Monsalve from Norwest Venture Partners will join the Board of Directors.
According to Comscore's June report, myYearbook is now the leading online community for teens as measured by time spent and visits. myYearbook is also the fastest growing US social networking site and is the third largest in the US, according to Hitwise. The company has raised $18.6 million to date.
"When looking at investment opportunities in the consumer internet sector, we found myYearbook offered the most attractive and engaging value proposition for both members and advertisers alike. The company has created a service that is highly valued by its members and a platform for marketers to reach and engage this audience in a friendly and effective way," said Sergio Monsalve.
Monsalve credits myYearbook's success to management's focus on delivering an authentic experience to its members, while seamlessly integrating monetization and value added brand advertising.
"I am most impressed with the way myYearbook has been able to create high impact advertising products that deliver true brand interaction and are actually fun for members. What myYearbook has accomplished within the realm of online advertising is truly innovative," said Monsalve.
"We are excited to have NVP and Sergio on board as we enter this next phase of our growth," said Geoff Cook, CEO of myYearbook. "We are focused on creating new, innovative services that will offer long-lasting value to both advertisers and our members. NVP's track record of success and Sergio's deep operational experience from brand name companies like Photobucket and eBay will be invaluable to our team."
Founded by brother-and-sister teen entrepreneur duo Dave and Catherine Cook, myYearbook.com is the third largest social network in the United States, according to Hitwise, a competitive intelligence service. myYearbook has grown from a single high school to more than 10 million unique visitors and 2 billion page views per month. The average myYearbook member visits the site eight times per month and spends 30 minutes per visit, making myYearbook one of the most engaging social media destinations on the Internet.
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a global venture capital firm that has actively partnered with entrepreneurs to build great businesses for more than 45 years. NVP focuses on investments in information technology including: Internet, media and consumer, software, services, enterprise and communications systems, and semiconductor/components. The firm currently manages more than $2.5 billion in venture capital out of its offices in Palo Alto, California and Mumbai and Bangalore, India. NVP has funded over 450 companies globally since inception within the Consumer Internet & Media, Services, Software, Systems and Semiconductor sectors.
About US Venture Partners
U.S. Venture Partners (USVP) is a leading Silicon Valley-based venture capital firm, dedicated to helping entrepreneurs build world-class companies that are leaders in their industry. USVP focuses on early stage opportunities in sectors where the Partners have the domain expertise, operating experience and network of relationships to provide meaningful contribution to the success of the enterprise. These sectors include digital communications and networking systems, digital media and internet infrastructure, semiconductors and optical components, enterprise and technical software, and medical devices and biopharmaceuticals.
About First Round Capital
First Round Capital is a seed-stage venture capital firm dedicated to helping talented entrepreneurs build remarkable companies. First Round Capital typically funds pre-revenue companies - and often provides a company's first outside capital. As former entrepreneurs, the partners at First Round understand the challenges of launching a new enterprise, and offer insight and expertise that are as valuable as its venture capital. The firm has invested in over 50 early stage companies, and additional information on First Round Capital is available at http://www.firstround.com.