Bebo Raises $15 Million in Venture Capital Financing

Posted on May 22, 2006

Paid Content reports that Bebo, one of the most popular social networks, has received an investment of $15 million from Benchmark Capital.

You're reading it here first: Bebo, an SF-based social networking site which is in the middle-ground between MySpace and Facebook, and among the biggest in UK, Ireland and New Zealand, has received $15 million in venture funding from Benchmark Capital.

Bebo will use the funding to expand the U.S. team and open a London office. It has also hired a chief privacy officer, who will be announced soon.

Paid Content says Bebo has 24 million users and 2.5 billion monthly pageviews. Paid Content points to this Guardian article for a good write-up on Bebo. The Paid Content post doesn't mention it but British teens are also using a social networking site called Faceparty that has over six million members. The problem other social networks will have fighting MySpace is that because MySpace got so big so quickly they are already the first social network that bands, comedians and tv marketers turn to. MySpace even has Jack in the Box.

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