Nexopia Raises Round

Nexopia, a social networking platform focused on Canadian youths, has raised an undisclosed amount of VC funding from Burda Digital Ventures. The company also named Boris Wertz, former COO of AbeBooks.com, as its new CEO. 23-year-old founder and former CEO Timo Ewalds will serve as chief product strategist.

PRESS RELEASE

Nexopia today announced a major investment of several million dollars from Burda Digital Ventures, the venture capital arm of Hubert Burda Media, one of Germany's largest media companies. An investor in digital media businesses, Burda Digital Ventures boasts over 30 portfolio companies in the areas of digital commerce, platforms, entertainment, as well as wireless communications.

In just four years Nexopia.com has grown from an ambitious networking utility run from the basement of founder Timo Ewalds to Canada's largest youth oriented networking platform. With over 1.2 million registered members and over a billion pages served per month, Nexopia continues to pioneer new technologies to help young people connect with their friends and express themselves to the world. The funding from Burda will provide Nexopia with more resources to execute new product development and expand its reach across Canada and the United States.

Stepping into the role of new CEO for Nexopia is Boris Wertz, who was previously Chief Operating Officer of AbeBooks.com, the world's largest online marketplace for books and another Canadian internet success story. Said Wertz of the investment in Nexopia: “Our decision to invest in Nexopia springs from witnessing the company grow from essentially a bedroom hobby project into a company that, in just four years, now reaches 70% of teenagers and young adults in Western Canada. That kind of growth is impressive and it's a credit to Timo's team that they were able to achieve such success with limited resources.“

For 23 year old Timo Ewalds, eager to renew his focus as chief product strategist, the investment presents an exciting opportunity for his company to grow: “Our vision for Nexopia has always been to grow into North America's largest social network for youth and now, with the support of Burda Digital Ventures and an experienced Internet executive at the helm, we can finally take Nexopia to the next level and make that vision a reality.“

About Nexopia

Founded in 2003 by 18 year old Timo Ewalds, Nexopia.com has since become the most popular social networking utility for Canadian youth with over 1.2 million registered members and over a billion pages served per month. Always a passionate innovator, Nexopia is dedicated to developing new technologies to help young people stay connected with friends as well as express themselves to the world.

About Burda Digital Ventures

Burda Digital Ventures is the venture capital arm of Hubert Burda Media, one of Germany's largest media companies. Together with local Internet entrepreneur and investor Boris Wertz, Burda Digital Ventures plans to expand its investment activities in the Pacific North West and Alberta by focusing on Consumer Internet opportunities. Current investments in this region include, among others, Victoria's AbeBooks Inc. and TeamPages, as well as the Vancouver-based Suite101.com.