SocialGO Rustles up $800,000

Internal social network creator SocialGO, recently integrated into Facebook (News - Alert) and Twitter, has found $800,000 in fresh capital, according to a filing with the SEC reported by Deals & More.

 

Based in Redwood City, Calif., the company is backed by Veddis Ventures. SocialGO is the flagship venture of Bright Things.


According to TradingMarkets.com, Vikrant Bhargava of Veddis Ventures reportedly joined the board as a non-executive director.

Bright Things has also acquired Get On With It, a provider of development and support services for SocialGO since 2007: 'GOWIT directors Stephen Hardman and Alex Halliday will also join the board as joint managing directors,' TradingMarkets reported.

It's a dose of good news for Bright Things, as at the end of last year, the Business Financial Newswire said that Bright Things 'increased losses from operations of 716,000 for the six months to 30 September 2009,' attributing the losses to 'increased marketing and amortisation.'

During the period, BFN said, the company raised about $2 million via fundraising, and 'the company's SocialGO project has seen subscriptions increase month on month since February.'

SocialGO's social networking sites let businesses, organizations and entrepreneurs do social media, 'creating online communities with full content and member control, monetization, and customization features.' 

Bhargava, co-founder of PartyGaming plc, told TradingMarkets he thinks the company 'is poised for expansion, and I anticipate 2010 will be a banner year as subscriptions continue to grow. '

A SocialGO network can be created without development expertise and integrated into an existing Web site or used as a standalone Internet presence. The company offers a service creating to-order white-labeled social networks with support services, as well.

Dominic Wheatley, CEO, said at the end of last year that the company was 'looking forward to the next stage of the SocialGO project which is to refine the product and embark on a concerted marketing campaign.'