Sonico Receives $1.7 Million in Additional Investment and Closes a Year of Significant Achievements

- The company exercises its option to extend the initial round of financing raised in May 2008

- The additional capital will be used to boost its operations in Brazil and develop new products

Dec 16, 2009, 12:47 ET from Sonico

BUENOS AIRES, Argentina, Dec. 16 /PRNewswire/ -- Sonico (, the Latin American social network that organizes people's lives online, announced that DN Capital and other major national and international investors have provided an additional $1.7 million to the $4.3 million raised during last year's round of financing.

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"This influx of capital will help us boost our office in Brazil and grow our social communications platform, allowing us to incorporate key improvements for our users. We will also continue to focus on developing strategic alliances and attracting the best talent in the industry," said Rodrigo Teijeiro, CEO and Founder of Sonico.

Sonico welcomed a group of top local and international industry executives to its ranks this year, including Alexandre de Freitas, who joined the company as Country Manager of Sonico Brazil in October, and Angel Gambino, who joined the team a month ago as Vice President of Business Development.

Sonico has been a part of the social network boom this year, experiencing steady growth in its user numbers (more than 43 million by late December). The company has joined the OpenSocial platform (a Google and Yahoo-led initiative, among others, to develop and share social applications); launched Public Pages, which allows companies, brands, politicians and celebrities to join the online conversations and interact directly with users; and, in November, opened an office in Sao Paulo, Brazil, a market where it already has more than 9 million registered users.

From an institutional perspective, many Sonico executives actively participated in business, technology and social media events and lectures this year, including: the World Economic Forum, in Davos, Switzerland, and its Latin American counterpart, held in Rio de Janeiro, Brazil; the MIT Sloan Latin Conference, in Massachusetts, U.S.; La Red Innova, in Madrid, Spain, and the Social Media Forum in Santa Clara, California, U.S. Sonico was also recognized by the Great Place to Work Institute, which placed it 19th in its ranking of the best places to work in Argentina. In addition, BusinessWeek magazine's list of the best technology start-ups ranked Sonico as one of the top 5 global companies with the greatest global reach potential.

"It's been a busy and very rewarding year. In 2010, our efforts will concentrate on further developing the 'organize your life online' concept, which allows users to have a personal profile, a professional profile and a public profile, all of them managed from a single account," added Teijeiro.

About Sonico

Founded in July 2007, Sonico is the social network of Latin America that organizes people's lives online. Developed with a strong emphasis on user legitimacy, privacy and personalization, it has been widely adopted across Latin America. This social communication platform has over 43 million registered users and allows individuals, organizations and brands to interact in a useful and entertaining way. Located in Buenos Aires and Sao Paulo, with a team of over 80 people, Sonico was elected by BusinessWeek as the 5th tech startup with the highest global growth potential. Sonico closed its first round of capitalization of USD 4.3 million in May 2008, with an extension of USD 1.7 million in December 2009.

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