Tagged makes it easy to meet and socialize with new people through games, shared interests, friend suggestions, browsing profiles, and much more.
Tagged Social Networking Sites Reach 300 Million Members
In some circles Tagged is known as the social network responsible for the most spam, but for its millions of users, nothing else comes close. Now the platform is announcing a fresh injection of capital totaling $15 million and the surpassing of 300 million members.
The money comes from Lighthouse Capital Partners and Comerica Bank and adds a nice figure to the war chest. Tagged had previously raised $9 million in VC funding. Revenues are also up and unlike some its bigger competitors, Tagged is profitable.
Revenues have grew 35% in 2011 to finish the period at $43 million and CEO Greg Tseng thinks bigger things are in store: “The Social Discovery category has just begun its high-growth trajectory, while we are profitable and don’t need capital to fund operations, we are also opportunistic and will use these funds to further Tagged’s leadership and innovation in the industry. The growth capital will also enable us to make additional strategic acquisitions, accelerating us toward our next 300 million members.”
Tseng’s ambitions are quite realistic and given that the company acquired rivals Hi5, Digsby, TopicMarks and WeGame last year, it certainly has the mix of offerings to attract a strong user base. There’s also the possibility that with new funding and a renewed focus the platform may attract even more mainstream attention. A cleaner image will definitely add to Tagged’s allure.
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