July 1, 2010
Fabulis, a gay social network has raised $250,000 this week thanks to David Bohnett, the man responsible for founding GeoCities when he was only 16 years old. With the new infusion of cash Fabulis raises their total funding to $825,000. Considering the site was launched just this year, financing numbers are looking good.
Bohnett injected the money under his venture capital firm Baroda ventures which works with early-stage social media companies, e-commerce sites and e-ticket websites among other ventures. To be considered sites must have very clear revenue models which Fabulis has painstakingly thought out for their visitors.
The sites main goal is simple, help gay men find the hottest spots to hang out, the best places to meet other gay men and other gay related activites. Users can sign up if they are openly gay or if they are “friends of gay guys.” read more