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Peanut Labs Secures $3.2m To Develop Gen-Y Sampling
In the US, Peanut Labs - which provides market researchers with access to members of social networking sites - has received $3.2m in funding from venture capital firms Leapfrog Ventures and BV Capital.
The firm intends to use the cash to continue product development of its patent pending sampling technology, which is specifically targeted at the 13 to 25 year old demographic known as Gen-Y.
'This round of funding will allow us to expand service to our active list of market research clients to give them the highest quality sample,' said CEO and Co-founder Murtaza Hussain. 'We feel our business model proves that social networks have alternative ways to maintain profitability that yield revenue increases up to five times higher than with ineffective, ad-based models.'
Found across more than seventy social networks, Peanut Labs helps web publishers create revenue streams through market research surveys. Each time a member of the social network completes a survey, the publisher earns a sum of money. The company, which was launched late last year (www.mrweb.com/drno/news7645.htm ), is predicting eight figure revenues in 2008.
Web site is www.peanutlabs.com.
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