NEW YORK Teen social network Tagged said it has raised $7 million in financing as it attempts to muscle into MySpace's audience of 13-19 year olds.
The social network's financing was led by the Mayfield Fund, which has also invested in Web search engine Snap and wiki software company JotSpot. The company plans to use the funding for further expansion of its technology infrastructure.
The San Francisco-based social network lets teens create their own Web pages and exchange "tags," or icons representing some form of self-expression. Users can also take set up a journal for "tag teams" and take quizzes.
Unlike MySpace, which has a wide demographic, Tagged is focused on the 25 million 12-19 year olds in the United States. The site has seen a sharp growth in visitors, going from 400,000 in July 2005 to 1.1 million in December 2005.
"[Teens] have adopted the Internet and used it as a form of media communications at a much quicker rate than the general population," said Greg Tseng, CEO of Tagged. "The teen consumer behavior is changing a lot faster than the advertisers are changing their spending patterns."
In addition to MySpace, competitors include Alloy, Bolt, Facebook, TagWorld and MyYearbook.