Update: The original post incorrectly stated that KickApps had raised $20 million in Series B funding. It seems that the $20m figure — which seemed confirmed by this SEC filing KickApps.pdf — included the Series A, Series B and some venture debt. Apologies for the error.
KickApps, a developer of social networking tools for existing websites, has raised $11 million in second-round funding. SoftBank Capital came aboard as a new investor, but the terms were effectively set by return backers Prism VentureWorks and Spark Capital. A source says that the pre-money valuation was “in the low-to-mid $20s.”
Expect a press release within the next 24 hours.
KickApps is one in a series of companies that offer white-label social networking tools, which allow website operators to add everything from user-generated video to 3D widgets. Its largest competitor is Ning – a Marc Andreesen venture that just raised $44 million – although it focuses more on brand-new and/or amateur websites, while KickApps is aimed at existing websites and/or experienced developers.
TechCrunch recently did a comparison post on the two companies, plus another seven other companies in the space (including VC-backed CollectiveX and GoingOn Networks).
KickApps raised just over $6 million in its first round of funding last year, which means that it’s nearing the tender age of acquisition-readiness. But don’t expect anything soon, as I hear that the VCs view KickApps as a triple-digit exit sometime down the road. It also has been known to be snooping around some potential acquisition targets of its own…
A KickApps spokesman declined comment.