Kyle
The New Zealand based social network startup for kids MiniMonos is taking off like wild-fire. CEO and Founder, Melissa Clark-Reynolds, has reported that the company has just received $1.3 million dollars in funding and they are quickly approaching 1 million users.
MiniMonos allows kids to sign up for their social network using a monkey avatar. From there they can play free games and interact with other kids on the network. There is also a premium based subscription which opens up a world of virtual currency and other features. Clark-Reynolds has also teamed up with Buy1Give1 so that for every subscription membership purchased the company then purchases clean water for a child in India.
Currently MiniMonos is converting about 3% of their users from free membership to paid membership however Clark-Reynolds has reported that the 3% of paid memberships are driving 90% of their revenue. They are quickly approaching 1 million members, their current member tally is about 840,000 members with more than half being in the UK.
More after the break
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