Meebo Raises $25 Million to Fuel Growth and Revenue

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Meebo today announced a $25 million investment from a group of investors led by JAFCO Ventures, with participation from Time Warner Investments, KTB Ventures, and existing investors Sequoia Capital and Draper Fisher Jurvetson (DFJ). Founded in September 2005, Meebo helps people connect live over the Web.

“Meebo is thrilled to work with JAFCO, Time Warner, and KTB to grow our business. Each investor brings unique and value-added perspective to us in areas that are central to executing our strategy,” said Seth Sternberg, CEO and co-founder, Meebo. “This is an incredibly exciting moment for us.”

More than 30 million people use Meebo to message in real-time with friends using meebo.com, and through Meebo Rooms on thousands of sites throughout the Web, including over 50 leading content and community sites. In an era in which engagement is of paramount importance, the average user at meebo.com spends over 2 hours on the site per day.

Launched in May 2007 as a social, syndicated version of Meebo, Meebo Rooms let people interested in the same topic connect live directly on sites with embedded Meebo Rooms. Meebo Rooms are used by major entertainment brands from all the major record labels and several properties from the CBS, Showtime, and MTV Networks. Partners include music and television brands such as Ashley Tisdale, Big Brother After Dark, Chris Brown, Dashboard Confessional, Dexter, Gorillaz, Jay-Z, Kanye West, Madonna, Radiohead, R.E.M., Snoop Dogg, and Tori Amos.

“Meebo’s rapid adoption by users and partners is a testament to the team’s technical prowess, product sensibilities and business focus,” said Joe Horowitz, general partner, JAFCO Ventures. “We believe the company is well positioned to be the de facto standard for live communication on the Web.”

Social media communities and Facebook applications such as Armor Games, Gigya, New York Post, Piczo, Revision3, RockYou, Social Project, Sparkart, Tagged, Wasserman Media Group, and WaterCooler also use Meebo Rooms to increase engagement among their user base and connect people interested in similar topics and content.

Meebo also supports third party developers to integrate their services into Meebo, so Meebo users can play games, webcam, voice call, watch videos and do many other activities together with their friends. Developers include 3rd Sense, Absolutist, AddictingGames, BladeSix, Clearspring Technologies, Come2Play, Gamebrew, MediaGreenhouse, Mochi Media, Jiggmin, Kongregate, SonyBMG, TokBox, ZeroCode, and Zynga.

The company has recently hired a Chief Revenue Officer, and has entered into marketing partnerships with companies such as VideoEgg, CBS, PUMA, and all four major record labels. 2008 will see significant expansion of its marketing programs and partnerships.

“Meebo is working on a user centric approach to integrating ad experiences that can be shared by its user base,” said Rachel Lam, senior vice president, Time Warner Investments. “Done right, this is an innovative and powerful solution for marketers and can enhance the company’s already impressive growth strategy.”

About Meebo, Inc.

Meebo is the Web’s live communications platform and helps individuals and partners connect live over the Web. Founded in September 2005, over 30 million people use Meebo monthly, either at Meebo.com, or through Meebo Rooms on partner sites. Meebo’s investors include Sequoia Capital, Draper Fisher Jurvetson, and now JAFCO Ventures, Time Warner Investments, and KTB Ventures. Visit meebo.com to connect with friends live on the Web.

About JAFCO Ventures

JAFCO Ventures launched in July of 2003 with a new fund, a highly experienced investment team and a value added strategic limited partner in Japan that provides capital as well as the support of established business development resources. Today, JAFCO Ventures has more than $350 million under management. JAFCO Ventures invests in early stage technology companies alongside top-tier venture firms in broad-based information technology companies within the communications, components, digital media, Internet, software and wireless sectors. In addition to the seasoned venture capital help JAFCO Ventures provides its portfolio companies, they also add tangible value to portfolio companies with their Tokyo based business development professionals dedicated to delivering significant revenue from the most prominent distributors and customers in Japan and other parts of Asia. www.jafco.com

About Time Warner Investments

The Time Warner Investments group targets non-control strategic investments that have a clear impact on Time Warner's divisional operations and directly enhance the Company's ability to meet specific strategic goals. Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing. For more information, please visit: http://www.timewarnerinvestments.com.

About KTB Ventures

KTB Ventures is the United States operation of KTBnetwork, the largest private equity firm based out of Korea with approximately $10 billion of capital under management. Founded in 1981, KTB has invested in more than 600 companies worldwide, including around 50 companies in the United States. Limited partners of KTB include Korea government, Samsung, LG, SK Telecom, Hyundai, major Korean financial institutes and etc. KTB has focused on digital media and communication spaces, representative Asia investments including Internet Auction (acquired by eBay), JobKorea (acquired by Monster), Focus Media (Nasdaq: FCMN), Gravity (Nasdaq: GRVY) and Com2uS (mobile game), and US investment including Xylan, Alteon, Centillium, Sonus Networks, Copper Moutain, Terayon, Berkana and Airespace. KTB has offices in Palo Alto, Seoul, Beijing, Shanghai, Tokyo and Singapore. For more information on KTB Ventures and KTBnetwork, visit www.ktbvc.com and www.ktb.co.kr

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