Paul Demery , Chief Technology Editor
Tim Draper Joins TagWorld Board of Directors
Santa Monica, CA, February 6, 2006 - TagWorld, an integrated online social ecosystem, announced today that Draper Fisher Jurvetson (DFJ), a leading venture capital firm, has invested in the company. Terms of the deal were not disclosed. DFJ is best known for its successful investments in companies such as Skype, Baidu, Overture, and Hotmail. DFJ’s investment in TagWorld represents the firm’s first venture in the social networking space.
Founder and Managing Director of DFJ, Tim Draper (tagworld.com/TimDraper), joins TagWorld’s Board of Directors. Tim is recognized as a leader in his field and is one of the strongest and most influential advocates for entrepreneurs and free markets. “We are excited about the social networking space and the growth of user generated content on the Internet. TagWorld has demonstrated remarkable growth and execution since their launch three months ago.”
DFJ`s track record for identifying and investing in fast-growing, emerging markets and TagWorld’s persistence in cultivating the social networking space make for a logical and natural pairing. “We are pleased to have DFJ as a part of our team. Their mission and determination is a complement to our own. We truly believe we are in the early stages of a revolution in user-generated content,” says TagWorld CEO Fred Krueger.
TagWorld’s announcement of DFJ’s investment comes on the heels of an earlier release today introducing TagWorld Social Commerce, an e-commerce solution for the social web. Available February 15, 2006, this revolutionary offering enables any TagWorld member to build an online store in minutes.
In less than three months since launch, TagWorld has grown to nearly 700,000 members. TagWorld’s comprehensive online ecosystem, tightly integrated set of publishing, communication, and networking features and now, online commerce, support and enable the social web like never before. Users can engage, create, and share their personalized content online in a multitude of ways, for a more meaningful social experience. For more information about TagWorld, please visit www.tagworld.com.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the only venture capital firm with global presence through a network of affiliated funds, with offices in more than 30 cities around the world and more than $3 billion in capital commitments. DFJ`s mission is to identify, provide capital for, and serve extraordinary entrepreneurs anywhere who want to change the world. Over the past twenty years, DFJ has been proud to back approximately 300 companies across a myriad of sectors including such industry changing catalysts as Hotmail (acquired by MFST), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD), Overture (acquired by YHOO), Interwoven (IWOV), 411 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by AVID). For more information visit www.dfj.com.
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