Changes at Friendster

Justin Hibbard

Our colleague Rob Hof over at Tech Beat has confirmed rumors about a management change at Friendster, the social networking startup funded by Kleiner Perkins Caufield & Byers, Benchmark Capital, and Battery Ventures. Scott Sassa is out as CEO after less than a year. New CEO will be Taek Kwon, currently executive VP of product and technology at Friendster also laid off five people from its staff of 55. Meanwhile, Thefacebook, a social networking site that connects students at college campuses, has raised $12.7 million in funding from Accel Partners. The deal comes just three months after social networking site MySpace raised $2.8 million in a series A financing from Redpoint Ventures. Seems no matter what's going on at Friendster--and it may be nothing dire--VCs still love social networking. Bill Burnham, a VC at Celsius Capital, has an interesting take on the situation.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.