SOCIAL NETWORKS > Friendster gains $10m funding

Friendster, the website that pioneered online social networking, has received $10m in funding in an attempt to help make up ground lost to younger, more successful rivals such as MySpace and Facebook.

Friendster, which emerged as an internet phenomenon in 2002 and 2003 and then fizzled out, received the money in a round led by DAG Ventures, a Silicon Valley venture capital firm.