TheFaceBook snags a $81M pre-money valuation!

"Crazy days. I heard from a reliable source that TheFaceBook, which is a college social network with about 2 million users I think, was in the midst of a $6 million raise at $64 million pre (!) with an east coast media firm when Jim Breyer of Accel Partners literally interrupted and offers $9 million at an $81 million pre! This for a company with no track record, started by green college students, with Sean Parker as an advisor, in a space in which there are already many, big social network players. This is more of a story about how Accel, who hasn’t made a distribution in a while, is getting desperate. You didn’t hear it from me."

[Always ON]