US social network Going.com has raised USD2m from the sale of 2.4m Series B shares, reports Mass High Tech. Universal Music’s funding arm, Universal Music Investments, contributed to the investment alongside existing backers Highland Capital Partners and General Catalyst Group. The funds add to a USD5m Series B round, raised in Jul 2007, and a USD3.5m Series A round raised in 2006.
Going.com, previously known as HeyLetsGo, launched in Boston in 2006. The site – which is focused around events and nightlife – is now available in localised versions covering 30 US cities. These include San Francisco, New York, Boston, Chicago and Los Angeles.
Universal Music Investments acquired a stake in urban social networking site Loud.com in Aug 2007, while recently it invested in INgrooves, a platform which helps artists distribute and market their music online. In Feb Universal sold the rights to 90,000 of its songs to Dutch music publisher CP Masters and Dutch pension fund ABP for approximately USD146m. The sale fulfilled the last condition of Universal’s USD2bn acquisition of BMG Music Publishing, a move which created the world’s largest music publishing company.