*Update: The company tells DMW that it has not raised $23 million in new financing, and that the filings mentioned in the linked article below reference previous financing, landed over a year ago.

San Francisco
– Online social network hi5 has raised $23 million in new funding, including $3
million in debt, VentureBeat reported, citing regulatory filings.

Details on
investors were not provided.

Founded in 2003, San Francisco-based hi5 counts
over 50 million monthly visitors, and claims to be the third-largest social
media site.

The company last year decided to focus more on social games,
acquiring developer Big Six and hiring Wild Tangent founder Alex St. John as
its president and CTO.


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