SocialMedia Raises $6 Million From IDG

Social networking advertiser SocialMedia raised $6 million from IDG Ventures. Existing investor Charles River Ventures also participated. The company was shopping around for a larger investment of around $20 million with the investment bank Savian, but decided to take a smaller amount. At least, that is the story the company is going with. The company claims that it had $16 million in revenues last year and says it was profitable for three consecutive months thanks to the launch of a new advertising product called Word of Mouth. These are opt-in display ads that asks people on social networks to answer a question or take a poll.