Formspring Planning New Expansion to Compete With Facebook and Twitter

Formspring Planning New Expansion to Compete With Facebook and Twitter

Popular social Q&A website Formspring has announced a new capital infusion of $11.5 million from its leading investor Redpoint Ventures.

In addition, the company is planning to implement a new publisher feature designed to further grow its audience: a “Respond” button that allows publishers to pose questions on their website and in turn, allows visitors to post responses to said questions.

Once answered, the question responses can be transmitted to social media sites like Twitter and Facebook (not unlike normal Formspring answers) with the key difference being that the links generated will direct traffic not to a Formspring page but rather to the publisher’s own website.

By essentially using Formspring’s Q&A format as a traffic generator, publishers can tap into the company’s registered user base which currently stands at 20 million.

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Moreover, many of those users appear to be active participants as evidenced by the surge in answered questions from 1 billion last September to now roughly topping 2 billion. So not only will publishers be able to tap into a vast quantity of potential visitors, but engaged, quality ones as well.

Getting back to funding, besides the $11.5 million from Redpoint, Formspring has raised additional capital from Baseline Ventures and various other individual investors to bring their grand total to $14 million. Plans for the new funds have not been disclosed yet but there have been hints that it would be advertising based.

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