Mobile Social Networking! I felt it was the most obvious thing after Internet Social Networking, and I am all praise for Kyte to have realised the potential and to have started the Mobile Social networking site. It is known that online social network tops the chart, and Mobile Social Networking is yet to gain popularity; but neverthless the VC’s seem to have full faith and have poured their resources. Hence it is of no surprise that Kyte after shortly announcing its first rounds of funding is ready for the second one and was sucessful in raising about $21.1 million with the help of Steamboat ventures and Intellect Capital Ventures.
Kyte is best known for its Music ‘band’ club, wherein a seperate channel is created for the bands and things like Photos, videos, blog are created for thier followers or fans. It actually works on the ‘give n take’ policy whereby fans get to enjoy exclusive articles, videos of their beloved band and in turn provide their databse for Kyte.
Let me not forget to mention that according to Red Herring the VC’s who played a major part i.e Intellect Capital ventures, is the VC arm of Telia Sonera and Steamboat Ventures is associated with the Walt Disney Company.