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Social Net Parent BuzzCity Gets $10 Million For Africa Partnership

Mobile social network myGamma‘s parent BuzzCity is getting a $10 million funding from South African media group Naspers, with the aim of investing in applications that can leverage partnership opportunities. The Singapore-based network offers blogging, messaging, games etc and claims 2.7 million users across 70 countries and 1.7 billion ad impressions per month.

It’s particularly popular in South Asia, but also South Africa. BuzzCity CEO KF Lai: ”The common footprints we have make this a strategic relationship for developing our media properties, particularly in South Africa, India and Thailand. We look forward to working closely with the group to ramp up our growth.” BuzzCity targets developing nations where mobile phone penetration may be higher than that of the desktop internet. myGamma offers premium retail features using its “Gamma dollar” currency.

Aug 28, 2008 4:42 PM ET

Posted In: Mobile, Money, M&A & Venture Capital, Venture Capital, Social Media

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Aug 29, 2008 3:47 AM

Social networking trends through mobile is definitely going to take up the pace and such investment is a clear indication of the trend

Prashant

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