Social Network Piczo Raises $11 Million Third Round

Posted on January 17, 2007 by

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Posted by Staci D. Kramer (paidcontent.org)
Wed 17 Jan 2007 06:47 PM

Teen social net start-up Piczo has raised $11 million in its third round, according to VentureBeat. The round was led by new investors U.S. Venture Partners (USVP) and Mangrove Capital Partners with existing backers Sierra Ventures and Catamount Ventures also participating. The company, founded in 2005, has now raised a total of $18 million. Invite-only Piczo bills itself as a safer teen space. As Matt notes in his post, it’s one of the sites aiming for second-place in a market dominated by MySpace.com. Its current monthly traffic of 10.5 million uniques is about one-sixth that of the News Corp. site. CEO Jeremy Verba told Matt Piczo has hit saturation point in the UK, and Canada, but is growing rapidly in Germany (1 million uniques since last summer) while the network is adding 30,000 registered users a day.
— The target group is 13-16; girls make up 70 percent of the users.
— The business model includes page sponsorships like the Justin Timberlake page sponsored by BMG.

Related:
Social Nets – The Almighty MySpace Has Competition
Online Photo/Community Site Piczo Gets $4 Million Second Round

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