NEW YORK (CNNMoney.com) -- Friendster, the social networking site that helped introduce the service to the online world, is expected to announce today a $10 million round of venture capital funding, according to The Wall Street Journal.

Friendster, which has lost market share to newer entrants Myspace.com and Facebook Inc. in recent years, will receive the funding from AG Ventures, Kleiner Perkins Caufield & Byers and Benchmark Capital, the newspaper reported.

Kent Lindstrom, president of the company, says the money will go toward investing in new technology, market research and the creation of new features, the Journal reported.

The site is said to be planning to focus on users in their 20s and 30s rather than the younger users targeted by competitors Myspace.com and Facebook Inc., according to the newspaper.

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News Corp's acquisition of MySpace has worked out well...so far.