Travel and lifestyle social network Where Are You Now? (WAYN) has raised $11 million in Series A funding from a syndicat

Travel and lifestyle social network Where Are You Now? (WAYN) has raised $11 million in Series A funding from a syndicate of investors led by Esprit Capital Partners.

Published: 27 Nov 2006

Travel and lifestyle social network Where Are You Now? (WAYN) has raised $11 million in Series A funding from a syndicate of investors led by Esprit Capital Partners.

The company also shared that Brent Hoberman will join WAYN’s board as chairman in January 2007. Stuart Chapman, partner at Esprit Capital Partners, also joins the board.

According to the company, the funding will be used to create new revenue streams, expand the team - particularly in Poland where WAYN’s back office operations are managed; enlarge the geographical base of the company and increase the range of online and offline products offered, including a tailored trip planner; expand the ability to share experiences with others using rich media content; and provide exclusive travel and lifestyle benefits to its members.

WAYN will also be upgrading its IT infrastructure to help ensure that it is able to support its fast growing active membership base.

WAYN enables its users to customise their profile and upload photos. Users can search for others and link them to their profile as friends. WAYN also allows its members to keep friends and family informed of where they are, when they are traveling and where they are going next. Members can share their experiences with others by adding their favorite places and sharing tips on where to stay and things to do.
Membership has grown from 45,000 users in March 2005 to seven million today, and is increasing by up to 35,000 new members per day.

Hoberman, who co-founded lastminute.com in April 1998, said, "WAYN is a flagship example of the next generation of internet companies with global potential born out of the UK. The innovative customer proposition, which enables members to interact with others, based on the places they have been or plan to visit in the future, has proved to be extremely popular. By sharing tips and introductions with likeminded travelers, WAYN members can get more out of their leisure time.”

A free service for basic membership, WAYN also runs a successful subscription model as well as generating substantial revenues from advertising.

To date, research shows that in the UK, the major social networks have well in excess of 20 million members. At least 160 million people worldwide subscribe to networks such as MySpace, Friendster and Bebo. Furthermore, recent research by eMarketers has revealed that advertising spend on social networking sites is set to top $1.8 billion by 2010.

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