In the wake of Goldman Sachs monster investment in Facebook, shares of New York startup Snap Interactive rose an astonishing 1000%.
The company is capitalizing by raising funds, selling $8.5 million in securities to institutional investors through a private placement.
Snap Interactive is tied to Facebook through AreYouInterested, one of the top dating apps on the social network, with around 15 million active users.
According to Snap, its revenues have grown over 200% since 2009, with seven straight quarters of gains.
The company plans to use the funds to hire more staff and expand its marketing efforts.
bpopper at observer dot com – @benpopper