Canadian Social Net Nexopia Takes ‘Substantial’ Investment From Burda Digital
Alberta, Canada-based social net Nexopia has raised an unspecified, but “substantial” investment from Burda Digital Ventures, the VC arm of German media firm Hubert Burda Media. The four-year old site claims 1.2 million registered users, and it plans to use the funding to expand across Canada in the US. The site is definitely geared towards youth, and feels much more like MySpace than Facebook. A recent Canada.com article on the site notes that 9 in 10 of its users are Canadian and that traffic has been surging. Founder Timo Ewalds claims to have written the original code while in high school to take files home from school, circumventing a ban on floppy disks. With the raise, Ewalds will be stepping aside as CEO and will be replaced by Boris Wertz, former COO online book retailer Abebooks.com. Release.
Posted In: Money, M&A & Venture Capital, Venture Capital, Social Media, Countries, Canada, burda digital, nexopia
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Comments (3)
Feb 20, 2008 6:28 PM
i want to get my nexopia
Oct 1, 2008 6:59 AM
That story is a complete fraud. Timo was approached by myself after finding him on a site called Edmontononline.net. I was looking for a coder to make a social community site. Timo and i partnered up and later he swooped my entire idea and called it his own. Taking the code and making EnterNexus. He partnered up with someone else who also paid for the cost and later fled with the code a second time to make Nexopia. The Code may have been his from scratch. By the ideas, hosting and domain registration was infact mine. I will seek legal consult one of these days and show him for the fraud he is.
Mar 3, 2009 1:47 PM
The Nexopia founding family has been very good at taking advantage of naive young friends who pour their hearts into the business only to be tossed aside when they no longer need them. The list of young people that have been burned by Nexopia is long. Karma will be a bitch for them.