Social Networking Companies Garner Funding
LinkedIn announces a $4.7 million round as Spoke Software makes indications it has added an additional $10 million in the growing technology space.Social networking got a boost on Wednesdayat least financiallyas two burgeoning companies in the space gained additional funding. LinkedIn Ltd., of Mountain View, Calif., announced that it has secured $4.7 million in financing, while Palo Alto, Calif.-based Spoke Software Inc., according a posting on its blog, has secured an additional $10 million in funding. Social networking refers to a growing number of Web-based networking sites and software companies that link people together based on their connections to one another. Perhaps the best-known is Friendster Inc., which connects people on its site through common friends for dating and forming new friendships.
LinkedIns first round of financing was led by Sequoia Capital, of Menlo Park, Calif., the venture investors behind such Internet companies as Yahoo Inc. and Google Inc. LinkedIn offers a networking service for connecting hiring managers, job seekers and professional service provides. Mark Kvamme, a partner at Sequoia, will be joining LinkedIns board of directors.