Internet & Technology


June, 03, 2008 - 02:42 PM / ET

Latin American Social Network Sonico.com Raises $4.3 Million
Sonico.com, the fastest growing Latin American social network, announced a $4.3 million in Series A financing round. The company will use the funding to improve its technology infrastructure and to keep on recruiting key talent

BUENOS AIRES, Argentina, June 3 /PRNewswire-HISPANIC PR WIRE/ -- www.sonico.com, the fastest growing social network in Latin America, announced a $4.3 million Series A financing round, led by DN Capital and by various private investors such as Fabrice Grinda (Founder of Aucland, Zingy.com and OLX.com), Martín Varsavsky (FON, Ya.com) and Alec Oxenford (DeRemate.com and OLX.com).

Sonico will use the funding to launch new product enhancements, strengthen its technology infrastructure and keep on recruiting key talent. The company will also expand its international operations by stepping up its presence and leadership in all Spanish and Portuguese speaking markets.

Rodrigo Teijeiro, Sonico's founder and CEO, stated: "This is a big step forward for the company. We have many challenges ahead, but we have found the right balance between financial expertise and specific industry know-how. Successful serial entrepreneurs such as Varsavsky, Grinda and Oxenford along with DN Capital's experience will help us leverage our amazing team to become the number 1 player in Latin America".

Steve Schlenker, Managing Partner at DN Capital, commented on this deal: "Rodrigo's leadership has allowed Sonico to reach new highs at a record pace. The Hispanic market globally has been poorly served to date by the existing social networks. We believe the Sonico team is well positioned to fix this".

About Sonico
Sonico (www.sonico.com) is a social utility that allows users to connect with real-life friends and share information, photos and videos in a safe, organized and fun environment. Since its launch in July 2007 it has become the fastest growing social network in Latin America and Brazil, with almost 17 million registered users. Additional information can be found at http://about.sonico.com

About DN Capital
DN Capital is a London-based venture capital firm investing in software and digital media companies targeting the enterprise, Internet and wireless sectors. The professionals at DN Capital bring over 50 years of private equity experience to their investments, and actively work with portfolio companies to steward their growth through the various stages of development.

Additional information can be found at http://www.dncapital.com.







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