hi5 Raises $14 Million in Venture Financing for Social Entertainment

hi5 announced today that they have raised $14 million in venture financing from Crosslink Capital.  This is the 2nd round of financing for hi5 after their round of $20 million in July 2007.  The new round of funding is meant to accelerate hi5’s expansion into social gaming and virtual goods.  After their previous round of funding, hi5 made some big moves by introducing the hi5 Coins virtual currency, a virtual gifts store, the hi5 Games channel and most recently animated avatars.