Mobile community Mig33 announced that it raised $8.9 million in Series C funding led by Indonesian telecom entrepreneur Sugiono Wiyono Sugialam and Japanese social networking firm Gree Inc. It was also supported by existing investors Accel Partners, Redpoint Ventures and DCM.
Sugialam is the CEO of Indonesian retailer of telecom products PT Trikomsel Oke Tbk. Tokyo-based Gree's social networking and gaming platform Gree Mobile has 22 million users. The company claims a current market capitalization of $2.5 billion.
Accel Partners and Redpoint first invested $10 million in Mig33 in May 2007. In January 2008, Mig33 closed a $13.5 million round led by DCM and joined by Accel and Redpoint. With this Series C round, mig33’s total funding so far rises to $34 million. The Singapore-headquartered service now has 40 million members and reaches 200 countries.
“Our goal is to replicate the East Asian Social Networking Service model to the rest of the world,” said Steven Goh CEO and co-founder of mig33. The funding will be used to expand its service in more emerging markets such as South Africa and India and will also use it to develop its monetisation channel.