Friendster is back. In full effect? The social network that helped start online social networking as the mainstream phenomenon we now experience has reportedly raised $20 million, according to The New York Times. Even though Friendster may not make your top five list in the US online social networking market, the stutter-stepping social network had a large push overseas and has managed to become well established in the Asian market, proving that a startup can reinvent itself with audiences outside of the oftentimes more lucrative US.
The $20 million round of funding was led by IDG Ventures, with existing investors Kleiner Perkins, Benchmark Capital, DAG Ventures and Founders Fund participating in this round. Aside from the new infusion of investment funding, Friendster has also landed former Google regional managing director from South Asia Richard Kimber as its new chief executive. With Kimber's previous experience in the Asian market, it appears as though Friendster plans on deepening its ties to the demographic that's sustained its social network for the past couple of years.