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eType - Bebo receives VC investment from Benchmark Capital
23 May 2006

Bebo, the next generation social networking site, today announced that it has closed a US15 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."

View all the resulting press coverage from this announcement at:

New Media Age
GigaOM
Brand Republic
Media Life
Guardian Unlimited
BBC News

Labels: Bebo, Benchmark Capital Europe, eType, Finance, online advertising