Social network hi5 has raised $3 million in convertible note from existing investor Mohr-Davidow, reports VentureBeat. According to the company, it is close to raising an additional Series B round as well, but it isn't ready to report the investment yet.
While hi5 is known as a contender in the social network field, it has also made inroads into the virtual world and social gaming market. In 2008, the company acquired Pixverse, a move it described as the "tip of the iceberg" in real-time, graphical interactions on hi5. As late as May 2009, the company was still hinting about avatar-based interactions and a move towards a virtual world. More recently it acquired social platform developer Big Six in what many see as a push to develop a social network with a strong, central gaming experience to rival more general rivals like Facebook.
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