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Having launched just ten months ago in July 2005, Bebo is now the largest social networking site in the UK, Ireland, and New Zealand. Bebo is also growing rapidly in its other core markets, the United States, Australia and Canada, with a total of 24 million registered members turning 2.5 billion monthly page views worldwide.
Michael Birch, CEO and founder of Bebo said, "Today concludes our search for what we believe is the perfect partner for Bebo and I am delighted that Barry Maloney, a general partner at Benchmark, is joining our board of directors. Barry and Benchmark have not only extensive knowledge in building technology companies of lasting value but also a real understanding of the social media space, having invested in companies such as Friendster, WeeWorld and Habbo Hotel."
"We're pleased to have led this exciting and competitive investment in Bebo." said Barry Maloney, from Benchmark Capital Europe. "We're a strong believer in the social networking space and Bebo is well-positioned for further exponential growth. Michael Birch is a proven world-class entrepreneur and we are looking forward to partnering with him to make Bebo the number-one social networking site in the world."
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Notes to editors
About Benchmark Capital:
Benchmark Capital was founded in 1995 to help talented entrepreneurs build great technology companies focused on long-term growth. With offices in Europe, US (Silicon Valley) and Israel, Benchmark's partners take an intensive, hands-on, team-oriented, approach to venture investing to deliver a superior level of service to the firm's portfolio companies. Benchmark's portfolio includes franchise companies such as Sulake, creator of online community HabboHotel, Setanta,the sports broadcaster, Alphyra, the leading pan European electronic payments provider, Betfair (the world's largest online betting company), eBay (Nasdaq: EBAY), Juniper Networks (Nasdaq: JNPR), MySQL (the leading open source database business) and Red Hat (Nasdaq: RHAT).
Managing more than $3 billion in committed venture capital, Benchmark focuses on investing in entrepreneurs with original ideas. Benchmark arrived in Europe in May 2000 since when it has made over 40 investments across a variety of market sectors and geographies. The $375m currently being invested by Benchmark in Europe follows Benchmark's first European fund of $500m
For more information on Benchmark, visit its website at www.benchmark.com
BEBO.COM SECURES US$ 15 MILLION FUNDING FROM BENCHMARK CAPITAL
May 22, 2006
London, San Francisco - 22 May 2006: Bebo, the next generation social networking site, today announced that it has closed a US$15 million first round of financing from Benchmark Capital Europe, the venture capital firm behind eBay, betfair and MySQL. Bebo will use the funding to expand the US team and open a London office, maintain its market leading position, and develop the business in its other core markets.Having launched just ten months ago in July 2005, Bebo is now the largest social networking site in the UK, Ireland, and New Zealand. Bebo is also growing rapidly in its other core markets, the United States, Australia and Canada, with a total of 24 million registered members turning 2.5 billion monthly page views worldwide.
Michael Birch, CEO and founder of Bebo said, "Today concludes our search for what we believe is the perfect partner for Bebo and I am delighted that Barry Maloney, a general partner at Benchmark, is joining our board of directors. Barry and Benchmark have not only extensive knowledge in building technology companies of lasting value but also a real understanding of the social media space, having invested in companies such as Friendster, WeeWorld and Habbo Hotel."
"We're pleased to have led this exciting and competitive investment in Bebo." said Barry Maloney, from Benchmark Capital Europe. "We're a strong believer in the social networking space and Bebo is well-positioned for further exponential growth. Michael Birch is a proven world-class entrepreneur and we are looking forward to partnering with him to make Bebo the number-one social networking site in the world."
- Ends -
Notes to editors
About Benchmark Capital:
Benchmark Capital was founded in 1995 to help talented entrepreneurs build great technology companies focused on long-term growth. With offices in Europe, US (Silicon Valley) and Israel, Benchmark's partners take an intensive, hands-on, team-oriented, approach to venture investing to deliver a superior level of service to the firm's portfolio companies. Benchmark's portfolio includes franchise companies such as Sulake, creator of online community HabboHotel, Setanta,the sports broadcaster, Alphyra, the leading pan European electronic payments provider, Betfair (the world's largest online betting company), eBay (Nasdaq: EBAY), Juniper Networks (Nasdaq: JNPR), MySQL (the leading open source database business) and Red Hat (Nasdaq: RHAT).
Managing more than $3 billion in committed venture capital, Benchmark focuses on investing in entrepreneurs with original ideas. Benchmark arrived in Europe in May 2000 since when it has made over 40 investments across a variety of market sectors and geographies. The $375m currently being invested by Benchmark in Europe follows Benchmark's first European fund of $500m
For more information on Benchmark, visit its website at www.benchmark.com
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