Friendster said to get a $10 million boost
Pioneering social network site to focus on users in their 20s and 30s, newspaper reports.

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.

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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. Top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.