Hong confirmed TechCrunch's report report but not the $20 million figure. The buddies created HotOrNot, which allows users to rate people on a scale of 1 to 10, during the first dotcom wave in 2000, creating a social phenomenon. It reportedly inspired future Web sites, such as YouTube.
Since then, the San Francisco site has added other elements, including turning the site into an online dating service and, more recently, developing applications on Facebook.
HotOrNot was acquired by the same investors as Avid Life Media, who will create Hot Or Not Media and grow the company. Hong and Young will not be part regular contributors to new company. 'Next is just to hang out and help companies I've invested in for a while, then figure things out after a nice long summer vacation,' Hong said in an instant messaging conversation.
In his blog, he added, 'But all good things must come to an end. Eight years is a long time, and both Jim and I were mentally prepared to move on years ago.'"
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