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Social Networking Site Friendster Raises USD 10 Million Funding

Friendster has received USD 10 million as investors seek to revitalise the company. DAG Ventures, Kleiner Perkins Caufield and Byers and Benchmark Capital are investing again in the company. The company received USD 3 million earlier this year, which brings up the total amount of funding this year to USD 13 million.

"It's like starting over,'' said Ken Lindstrom, President, "That is the demographic we have always had,'' Lindstrom said. On being questioned whether Friendster will compete with MySpace, he clarified, "MySpace is in its own category at this point. We will never look at competing with them"

"We were growing so fast, we didn't have time to stop and fix the infrastructure,'' Lindstrom said. "Now we have the site where it's in a place where it's fast and reliable", he concluded.


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