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App.net reaches $500k funding target with two days spare

13 August 2012

App.net fundingA new twitter like social feed service called App.net has reached its target of $500k with two days before the funding round ends. The difference between this app and twitter is that it is a paid service.

The startup is the idea of Dalton Caldwell who said the goal of the project is to “create the service we all wish existed.” The founder is hoping to cater more for users and developers of the social site than for advertisers as nearly all other social services are. The minimum amount to pledge was $50 with around 8600 backers, for which they get one year of membership and reserve current twitter usernames, $100 for developer tools with 2200 backers, and around 60 backers have pledged $1000that provides access to developer tools, app support and a meeting with the founder of App.net.

Dalton Caldwell said of the service, “We’re building a real-time social service where users and developers come first, not advertisers. Our team has spent the last 9 years building social services, developer platforms, mobile applications and more. We believe that advertising-supported social services are so consistently and inextricably at odds with the interests of users and developers that something must be done.”

The team is now meeting founders, getting feedback and getting the developer API ready. Its a risky way of running a social service where users would have to pay, but it will be interesting to see how successful App.net can be. Once the service goes live for the general public the monthly fee would be alot lower. The $50 is also for securing a twitter username, so hurry if you’d like to, there is still about 13 hours left!

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