Friendster Sets Sights On Land Of The Rising Sun

Richard KimberWith its sights firmly set on Asia, Friendster on Tuesday said it closed a new round of funding worth $20 million.

Responsible for introducing social networking to at least one generation of young Americans, Friendster has since seen many of its U.S. members leave for newer and hipper communities like MySpace, Facebook, and Bebo.

In Asia, Friendster has only grown in popularity, and that combinedwith the region's booming markets convinced the still-private company to change course.

"Last year, we came to the realization that 38% of the internet popular is in Asia, and it's growing rapidly, which made it a pretty attractive place to be number one," said David Jones, vice president of marketing at Friendster. "We said, 'Let's really invest our resources there.'"

Friendster claimed 75 million registered users in June--up from 45 million last year--and over 55 million registered in the Asian-Pacific region, up from 35 million year-over-year.

To properly execute its Asia strategy, Friendster has appointed a new chief executive, Richard Kimber, who previously served as regional managing director of South Asia for Google.

"We've got a clear focus, which is to dominate Asia," Kimber said. "And we've got the backing, the momentum, and the engineering to do it."

Does Friendster even have a domestic strategy? "Of course," Kimber said. "We want to help people in the U.S. connect with Asia, either for business or personal."

Added Kimber: "There are also plenty of advertisers who want to establish more of a presence in Asia, and we're going to help them do it."

Along with past Friendster backers like Kleiner Perkins Caufield & Byers and Benchmark Capital, the funding round was led by IDG Ventures, an experienced Asian investor.

Specifically, the new capital will be used for new offices and employees in Asian countries like the Philippines and Singapore, among others.

Friendster's present head, president Kent Lindstrom, has been repositioned as the company's SVP of corporate development.

Friendster's last financing round occurred in late 2006 to the tune of $10 million from DAG Ventures with participation from KPCB and Benchmark.

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