Monday, July 21, 2008

Spark Capital backs Big Apple social networking firm Biosocia

By Mass High Tech Staff

Venture capital firm Spark Capital is among the firms investing in a $1.5 million Series A-1 financing of New York-based Biosocia Inc.

As part of the deal, Spark Capital general partner Bijan Sabet has joined the Biosocia board of directors, according to website PE Hub.

Boston-based Spark Capital, founded in 2006, targets investments in media, entertainment and technology. In July 2007, the firm closed a $360 million second fund, increasing its total capital under management to $622 million.

Co-founder and general partner Santo Politi, a partner at Charles River Ventures from 2001 to 2005, formed Spark with Todd Dagres, a former partner at Waltham’s Battery Ventures. Both have histories in the media and entertainment industry.

Spark’s list of portfolio companies includes Colorado-based Me.dium Inc. and Texas-based Menara Networks. Last year, it invested in Tumblr Inc., KickApps Corp. and Next New Networks, all based in New York.

Earlier this year, Spark Capital was part of a group of investors aiming to wrest control over longtime Internet media company CNet Networks Inc. CNet, founded in 1992, operates dozens of websites, billing itself as the ninth-largest Internet network in the world.

Biosocia, founded in 2006 by Charles Forman and Dan Albritton, is a developer of online communities that are structured like games. Its first product is called I’m in Like with You. Investors include San Francisco-based Baseline Ventures, New York-based website operator Betaworks Studio Inc. and Ron Conway.