Wednesday, May 14, 2008

SocialVibe Launches Social Media Site, Discloses $4.2M In Funding

West Hollywood-based SocialVibe said Wednesday afternoon that the firm has launched a new social media site focused on allowing people to promote, distribute, and support brands and charities via social networks, blogs, and personal websites. The firm also disclosed that it has raised $4.2M in a Series A funding from Redpoint Ventures. Redpoint's Greg Martin has joined the firm's board of directors along with the funding, which actually closed in December of last year. SocialVibe allows users to select brands for sponsorship on their web sites; the site then accumulates points for users based on how many people view those sponsorships. Finally, users can use those points which can be donated to charities, used for travel perks and gadgets, and other premiums.