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Culture

$13 million more for teen networking site MyYearbook

While it pales in comparison to bigger sites like MySpace, MyYearbook has a healthy user base of young teens that advertisers crave.

It's no Facebook, but social site MyYearbook can still play with the popular kids: the site has announced $13 million in Series B venture funding. The round was led by Norwest Venture Partners with existing investors US Venture Partners and First Round Capital chipping in as well. Norwest's Sergio Monsalve has joined the site's board of directors.

Founded in 2005 when co-founder Catherine Cook was a sophomore in high school (the two other co-founders are her older brothers Dave and Geoff, who serves as CEO), MyYearbook focuses on a decidedly younger demographic than Facebook and even News Corp.'s MySpace, which is frequently considered to be a teen hub. The site currently has a major partnership, for example, with the Teen Choice Awards hosted by youth sensation Miley Cyrus. Not exactly a pick for the over-21 crowd.

With the new funding round, MyYearbook has raised $16.8 million total. The purpose for raising so much wasn't directly addressed by the site, with a release ambiguously saying that it will be used to "develop new services for its members and continue to drive revenue." Right now, per Hitwise, the site pulls in about 10 million unique visitors per month, and 2 billion page views. That's still small compared with Facebook and MySpace, but nothing to sneer at either.

Rumors swirled last year that the site was going to be acquired by InterActiveCorp; they weren't true, stemming from a misunderstanding after the site gave a "mock pitch" to IAC czar Barry Diller at a conference.