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Hi5 Networks, Inc

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hi5 is a social networking site based in San Francisco, California. Founded in 2004, it was reported to be the 2nd largest social network after Myspace by 2007. In 2008, comScore reported that hi5 was the third most popular social networking site in monthly unique visitors behind Facebook and MySpace. The social networking site, if(we), formerly known as Tagged, purchased hi5 in December 2011, for an undisclosed sum and operates it today. The company was founded in 2003 by Ramu Yalamanchi. and had become the 8th largest social network by mid 2006. Prior to 2004, the Company had raised $250,000 in an angel investment round, and utilized this early investment to bring the Company to profitability. In 2007, the Company raised $20 million in series A venture capital from Mohr Davidow Ventures, as well as $15 million in venture debt. The Company had gained significant market share in Europe, Latin America, and Asia, and Mary Meeker had cited hi5 as the 10th largest site in the World in her 2007 Technology / Internet Trends report.

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