Thursday, April 3, 2008

Redux Inc online people discovery startup, has raised $6.5 million in Series B funding

What Company is Offering:
Redux addresses a basic human need: to meet and connect with people. Where others focus on building social graphs around fleeting interactions, Redux builds meaningful new connections between people using a unique set of algorithms based on user actions and personality preferences. The ability to chat on every page, exchange media, and filter through events of common interest makes Redux a service with lasting interaction for millions of people.

Redux fills in the void between dating sites and social networks, helping young professionals get settled in new communities, find people with similar likes, and identify activities that appeal to their interests. In some ways, it is an inverse social network, using online tools to help young people build new relationships in the real world, vs. the usual model that asks users to bring real world relationships online. The company has a compelling model for future growth and distribution and a wide-open opportunity in this market.

How Much They Got From VCs:

Redux Inc., a Berkeley, Calif.-based online people discovery startup, has raised $6.5 million in Series B funding, according to a regulatory filing. Institutional backers include Alsop Louie Partners and Draper Fisher Jurvetson.

The company was co-founded by Darian Shirazi and David McIntosh, who previously worked together to create mobile photo sharing site Fotodunk (bought by iLike).

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