IMVU Named Rising Star in Silicon Valley Fast 50 Program
Revenue Growth is Recognized
PALO ALTO, Calif., October 31, 2008 -- IMVU Inc. (www.imvu.com), an online destination where adults and teens meet new people in 3D, has been named a Rising Star in the Silicon Valley Fast 50 program. The Rising Star award is a special designation for fast-growth companies and is based on percentage revenue growth over three years (2005–2007). This year's Silicon Valley Technology Fast 50 program is co-presented by Deloitte, Silicon Valley Bank, Korn/Ferry International, Cooley Godward Kronish LLP, Cornish & Carey Client Solutions, and ABD Insurance and Financial Services – A Wells Fargo Company.
IMVU has reached 25 million registered users, primarily through viral growth. Over the last four years, the IMVU community has grown around the use of online three dimensional characters, called avatars, to meet new people from around the world. Almost equally split between female and male, the IMVU community embraces a wide range of people, including Anime, Goth, Latino, Moms, LGBT and more - so it's easy for new members to find like-minded people to meet and to chat with using their highly customizable 3D avatars. IMVU has developed a hybrid of proprietary 3D technology, artistry and tools that enable members to buy new products while having fun. IMVU now generates over $1 million in revenue per month through its unique micro-payment economy.
"The Deloitte Silicon Valley Technology Fast 50 Rising Star companies have shown the strength, vision and tenacity to succeed despite a very challenging technology environment," said Mark Jensen, partner and national director, Venture Capital Services, Deloitte & Touche LLP. "We applaud the successes of IMVU and acknowledge its place as one of the few to accomplish such a fast growth rate over the past three years."
"We are greatly honored to be recognized by Deloitte for our strong revenue performance," said Cary Rosenzweig, CEO of IMVU, Inc. "To achieve revenue, we deliver value for our customers. We couldn't do it without the help of our amazingly creative IMVU community of developers, who create almost all the digital items purchased by IMVU members."
To qualify for the Technology Fast 50 Rising Star program, companies must be incorporated a minimum of three years and have revenue in only three or four years, have operating revenues of at least $50,000 in 2005 and $5,000,000 in 2007, be headquartered within the San Francisco Bay Area (subsidiaries or divisions are not eligible, unless they have some public ownership and are separately traded), and own proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues or devote a significant proportion of revenues to the research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify. Rising Star companies are automatically entered in Deloitte's Technology Fast 500 Rising Star category. For more information on Deloitte's Technology Fast 500 or Technology Fast 50 programs, visit www.fast500.com.
Founded in 2004, IMVU Inc. (www.imvu.com) is an online destination where adults and teens meet new people in 3D and winner of the Virtual Worlds Innovation Award for 2008. Still in public beta, the company has already reached major milestones, including 25 million registered users, 100,000 registered developers and $1 million in revenue each month. Members of IMVU have fun meeting new people with similar interests and expressing themselves through personalizing their 3D avatars, digital rooms and home pages. IMVU offers the world's largest digital goods catalog with over 1.8 million items. Over 90 percent of IMVU's revenue is from the direct sale of virtual credits, used to purchase digital products. IMVU is backed by top venture investors Menlo Ventures, Allegis Capital and Bridgescale Partners and is located in Palo Alto, CA.
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