On February 21, 2008, FamilyBuilder announced its most recent business deal. It was revealed that FamilyBuilder had received significant investment from DN Capital, a London based Venture Capital Firm.
Profile of DN Capital
DN Capital is a venture capital firm based in London. The venture capital organization invests in digital media companies, which target wireless sectors and the Internet.
DN Capital has brought many US companies to Europe through their investment deals and has also helped many European companies expand their operations in US.
Details of the Deal
DN Capital, invested huge sums of money in New York based FamilyBuilder. Steve Schlenker, a partner of DN capital, will join the Board of Directors of FamilyBuilder.
Funding received through the investment deal will be used to create social networking sites and for offering value added services to the companys registered customers.
Ilya Nikolayev, CEO of FamilyBuilder opined that the company would utilize the funds in offering new, exciting services to its customers, which will differentiate FamilyBuilder from other leading genealogy companies.
Steve Schlenker, partner of DN Capital, stated that before the investment deal, DN Capital had made similar investments in social networking companies like Tickle and PlanetAll. He hoped that after the investment deal, FamilyBuilder would introduce a new range of services which would change the industry significantly.