It's a beautiful day at Facebook.
Elevation partners has just injected
$120 million in venture capital, which will certainly help power-up
Zuckerberg's business ... but why did Bono's firm make this move?
Back in November 2009 Elevation slid about $90 million over the negotiation table in exchange for 2.5 million shares in the world's most popular social networking Web site, and has seen that investment multiply by two and a half times in value. So perhaps it's not surprising that Elevation has just forked over another $120 million for a further five million shares at the moment--especially given the fact that the economy really seems to be recovering, and Facebook's success has been continuing onwards and upwards with more users joining every day. Who wouldn't want a big piece of one of the hottest Net properties in one of the hottest new Web-tech trends, social networking? And with your investment more than doubling in just eight months, Elevation's hope has to be that its $210 million will quickly turn into $1 billion. TechCrunch also notes that two of Elevation's founders--Bono and Roger MacNamee--already were personal investors in the social net, which may have added some extra sizzle to the business deals.
To read the full, original article click on this link: U2 VC: $120M to FB | Fast Company
Author: Kit Eaton
