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MULTIPLY SECURES FUNDING OF $16.6 MILLIONFormer Chairman of Intermix Media, Parent of MySpace.com, Joins Board; Investors Endorse Social Networking Site's Approach to Privacy and Relationship-based Relevancy Boca Raton, FL, Friday, September 7, 2007 - Multiply, Inc. (http://multiply.com), today announced the completion of its Series B round of financing in the amount of $16.6 million. The round is being led by Silicon Valley-based VantagePoint Venture Partners, with participation by Point Judith Capital and previous investor Transcosmos Investments. Multiply also announced several board appointments and a new milestone in the growth of its registered user base. The additional capital will be used to enhance and extend Multiply's all-in-one social networking, communications and digital content-sharing platform. Multiply named David Scott Carlick, Managing Director of VantagePoint Venture Partners, to its board of directors. He is a highly regarded thought-leader of online media and marketing and a successful, serial entrepreneur. Previously, David served as Chairman of Intermix Media, parent of MySpace.com, through its acquisition by News Corp in 2005. "Multiply brings a unique and different outlook to the 'social networking' category. Unlike 'meet the world' networks, Multiply is about 'friends and families' being able to share their digital experiences and memories, and to save the whole living scrapbook, in full resolution, for life. They are creating a new category in the space that we found different and highly compelling. Multiply's management is focused on their users, and highly advanced and innovative in their platform technology," said David Scott Carlick, Managing Director of VantagePoint Venture Partners. "I look forward to serving on the board with Multiply as they become a major force in how friends and families store and share their lives." Sean Marsh, General Partner of Point Judith Capital, also joins the company's existing Board of Directors, now comprised of Peter Pezaris, Multiply's CEO, Shin Nagakura, executive vice president of Transcosmos Investments, and David Scott Carlick. Lee Hower, Senior Associate of Point Judith and former co-founder of business social networking pioneer LinkedIn, also joins the team as an advisor. "We are thrilled to have the opportunity to back Multiply's exceptional management team," said Sean Marsh, General Partner of Point Judith Capital. "Multiply's success to date and the team's previous success with Commissioner.com underscores their ability to build broadly appealing consumer Internet offerings." Multiply has experienced breakneck growth, doubling their traffic since last spring. In mid-June of this year, the company hit a new milestone of 5 million registered users; less than 3 months later, Multiply had surpassed that with 6 million registered users. In August, Multiply had just under 10 million unique visitors coming to its site. "We are thrilled to be partnering with such world class business leaders. The investment from these leading VCs provides strong validation of our offering and ability to drive growth and build market share. Multiply will continue its commitment to innovating and building a compelling, easy-to-use, one-stop solution for sharing a variety of digital media," stated Peter Pezaris, Founder and CEO of Multiply. Since its inception, Multiply has made privacy and relevancy a core focus of its offering. Unlike other social networks that expose personal information and content for the world at large to view via the web, Multiply gives users unparalleled control over who gets access to one's personal content and digital media, so users can create a more personal online presence similar to the privacy afforded in one's own home. Multiply has adopted the concept of "six degrees of separation," enabling users to readily identify their contacts with relationship labels like "cousin," "sister-in-law," or "roommate" so users can see how they are connected to others two or three "degrees" away. Unlike other social networks that aggregate and expose profiles, photos, videos, and blogs for mass public consumption, Multiply contains and delivers information, content, and communications strictly within a user's pre-established personal network of real-world friends and family. About Multiply Inc. Based in Boca Raton, FL and with offices in New York City and San Francisco, Multiply gives people the ability to share personal content with a wider, more relevant audience by leveraging trusted relationships to communicate with friends-of-friends. This small-group approach to social networking ensures that more of the people you know and care about - and fewer strangers - see your personal content and interact with you. Multiply's feature-set appeals to a growing number of individuals who are not only concerned with privacy issues surrounding mainstream social networks, but who also value content created by their real-world friends and family. Named to AlwaysOn's 2007 OnHollywood 100 list of the top private digital entertainment and media companies, Multiply is privately-held with backing by VantagePoint Venture Partners, Point Judith Capital, Transcosmos, and private investors. For more information, visit http://multiply.com. About VantagePoint Venture Partners VantagePoint Venture Partners provides creative growth strategies and capital to companies transforming global markets. With more than $4.0 billion of capital under management, the Firm invests in technology driven companies at all stages of development. With deep expertise and resources, VantagePoint has established leadership in the CleanTech, Digital Media/Internet & Consumer, Healthcare, Semiconductors and Wireless sectors. The Firm has created a network of thought leaders and strategic partners with some of the world's leading corporations to provide portfolio companies with a unique advantage to accelerate growth. For more information, visit http://www.vpvp.com. About Point Judith Capital Point Judith Capital is a leading early-stage venture capital firm partnering with outstanding entrepreneurs building communications, Internet, healthcare and technology companies. Point Judith Capital has a strategic partnership with Tudor Investment Corporation, a premier alternative asset management firm with $20 billion under management. For more information, visit http://www.pointjudithcapital.com. About Transcosmos Investments & Business Development, Inc. Transcosmos Investments & Business Development is a strategic corporate investor and an active local business partner for Internet-based U.S. technology companies expanding into the Japanese marketplace. It is the international partner-of-choice, offering capitalization of joint ventures, infrastructure development, strategic relationships, staffing and localization to companies in the U.S. technology sector. For more information, please visit: http://www.transcosmos.com. Press Contact: Julie Wohlberg W: 561-443-5566, x324 C: 484-201-7068 julie@multiply.com |