Geni raises $10 million in funding
According to TechCrunch, and confirmed by Geni’s CEO David Sacks, the social network that enables users to maintain a family tree, Geni (link to Geni’s website), has received $10 million in funding, with its overal value being estimated at $100 million.
Readers of franticindustries know that I rarely cover the pure business side of Web 2.0, as I like to focus on actual real-life usage and hands-on reviews, but I’m pointing Geni out because it was obvious to me from the second I saw it that it was a great idea. Other startups should learn from the virality of Geni: as you add new people to your family tree, as soon as you add their e-mail address they are sent an invitation to join your family tree, and thus the service grows. No wonder that Geni already has 100.000 users and over 2.000.000 “nodes” created by those users, and I can imagine that they will reach into the millions of users by the end of 2007.
How exactly do they plan to monetize the service remains to be seen, but they definitely got the viral part right.
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