News Brief
Kiwibox Gets $1 Million Investment
Sep 17, 2008, 7:00 AM
Kiwibox announced that it has raised $1 million in funding from a group of private investors. The New York-based online magazine and social network for teens will use the funds to launch an aggressive marketing strategy aimed at growing its user base.
The company launched an upgraded version of its digital content platform six weeks ago, and has seen substantial growth in daily new member registration (up by 75%) since Sept. 1. The revamp included a better casual games section and exclusive video content featuring teen VJs, among other features.
"The surge in traffic illustrates that the management team at Kiwibox is clearly on the right track in building the community," said Rudolf Hauke, CEO of Magnitude Information Systems, Kiwibox's parent company. "Our investment represents a continued confidence in the Kiwibox business model and will serve to expedite the company's growth, executing a robust marketing campaign to reach the teen audience."--Tameka Kee
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