US teen social network, MyYearBook, is set to raise a large round of new funding reports VentureBeat, citing an unnamed source.
The rumour follows false reports from last year that the network was to be bought out by online media giant IAC/InterActiveCorp. Reports of the round come in the same week that rival US social network, LinkedIn, raised USD53m in a funding led by Bain Capital Ventures. This valued the firm at roughly USD1bn. MyYearBook – which was set up in 2005 by teenage brother and sister, Dave and Catherine Cook – raised USD4.1m in Series A funding last Feb. This marked its only investment round to date.
Earlier this month, Hitwise Data ranked MyYearBook as the third largest social network in the US, behind market leaders MySpace and Facebook. The network is also the fastest growing in the US with a user increase of 426%.