Tagged, a social network whose reason for existence seems pointless (except occasionally getting spammed by its users to join the network), has raised $5 million in venture debt, from Horizon Technology Finance and Leader Ventures. The San Francisco-based site now calls itself a social discovery site, and last raised a $7 million second round in 2006, led by Mayfield Fund. More details here.

Update: VB quotes the company saying it is now “comfortably profitable” and that’s why it chose to raise debt, which it can pay back, instead of equity.

• Teen Social Site Tagged Gets $7 Million Venture Funding