SocialMedia Raises $3.5 Million
Eric Eldon is reporting that SocialMedia, one of the leading ad networks on Facebook, has raised $3.5 million in a series A round let by Charles River Ventures and a number of angel investors. SocialMedia has a number of popular applications on Facebook that have been highly criticized for being “spammy” including: Food Fight, Trakzor and Happy Hour. While SocialMedia may have less sustainable applications currently, they are rapidly launching revenue models that appear to be more sustainable.
Earlier this month, I wrote about how SocialMedia is launching
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