Joshua Schachter, best known for founding and eventually selling social bookmarking site Delicious to AOL has announced new funding for his latest project known as Tasty Labs.

His new project is fueled by Union Square Ventures, a New York investment firm that has stakes in various top company’s including Twitter, Zynga and Foursquare.

Very little is known about the new project at this time, although Schachter says on the new website that the company aims to put “the useful back into social software.”

Heading up Tasty Labs with Joshua is former Google engineer Paul Rademacher and co-founder Nick Nguyen. The move explains Nguyen’s recent departure from Mozilla.

Schachter told Mashable:

“We’re building a social layer based on utility and the apps to run on it.”

The amount raised from venture capitalists has not been revealed, however we do know the funding will be used to pay engineers and designers.

The TastyLabs.com domain is still pretty sparse, but keep an eye on it, with Schachter involved we expect great things to come from the new social apps company.