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EBay Drops $2M Into Meetup.com
Online auction giant eBay disclosed the company had invested $2 million into social networking website Meetup.com, according to a filing with the Security and Exchange Commission.
Though the company does not typically disclose investment information of this nature, eBay chose to do so because of company chairman Pierre Omidyar's financial relationship with Meetup.com. Omidyar holds better than a 10 percent share in the website though Omidyar Network, and sits on the board of directors as well.
Though eBay cites Omidyar's investment as the reason for disclosure, spokesperson Hani Durzy said the company's choice to invest in Meetup was not due to Omidyar's stake in it. Instead, Durzy cited the common interests of both companies in creating online communities.
"We've been seeing examples of eBay members arranging local meet-ups in their areas; and since there is crossover, we thought it was an interesting company, so we chose to make an investment," Durzy said.
Meetup announced in March that several entities, including eBay, were making investments in the company, but did not disclose the investment amounts.
The service was founded in 2002 and since has grown to boast almost 2 million registered users. Meetup.com stated mission is help people find others with similar interests and form regularly meeting local community groups.
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About the Author:
Jason L. Miller is a staff writer for WebProNews covering technology and business.
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Jason Lee Miller
