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hi5 secures $14m for social games expansion

Investment in entertainment site now tops $34 million

Social site hi5 has secured $14 million in second round investment to be used for continued gaming and virtual goods expansion.

Funding was led by Crosslink Capital, with the firm's general partner Jim Feuille joining the hi5 board.

"hi5 is among the companies leading and defining the rapidly emerging social entertainment category, and this round will enable us to fully capitalise on what is already a massive market opportunity," said Bill Gossman, CEO of hi5.

"Crosslink has been at the forefront of this revolution with investments in Pandora and as well as successful public market experience with Omniture and, so we are thrilled to have Jim's expertise joining the company."

In July 2007 hi5 raised $20 million, led by Mohr Davidow, which also participated in the current funding.

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Matt Martin avatar
Matt Martin: Matt Martin joined GamesIndustry in 2006 and was made editor of the site in 2008. With over ten years experience in journalism, he has written for multiple trade, consumer, contract and business-to-business publications in the games, retail and technology sectors.
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