Big Money For Tagged, Too

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VC Investment Hits Highest Level Since 2001

Word about social network Hi5’s $20 million financing leaked earlier today. But that isn’t it for social networking funding news. We hear it from a good source, but without confirmation by the company, that Tagged has raised its own $15 million round, on a $102 million pre-money valuation.

We do not know who made the investment. This is Tagged’s third round of financing. They previously raised two rounds – $1.5 from angel investors in September 2005, and $7 million from Mayfield three months later.

Like Hi5, Tagged is profitable. Back in May they were adding more new users per day – 350,000 – than MySpace.

With nearly $1 billion in venture capital invested in new web startups from April – June 2007 alone, its clear that silicon valley is rolling in money again. With all the hype around Facebook, second tier (but still huge) social networks are an easy bet to get big money. Let’s all just hope for a soft landing.

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