Monday, October 09, 2006

Microsoft-backed site set to compete with MySpace

by Daniel Farey-Jones
published September 26, 2006

LONDON - A Microsoft-backed US company has launched a test version of a Flash-based social networking site that will be ad-free and make money from getting users to pay to add cool graphics and features to their personal homepages.

Wallop began life as a research project within Microsoft before it was spun out as a separate company with backing from Microsoft, Bay Partners and Consor Capital. It has just secured an additional $10m (£5.2m) investment from the latter two and a new investor, Norwest Capital Partners.

The beta version of its site, also called Wallop, launched yesterday and can be joined only by invitation, which may be done via application.



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