Microsoft-backed site set to compete with MySpace

copyright Brandrepublic.com
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.

FULL ARTICLE - http://www.wallopcorp.com/