London - Bragster, a social network "for dares and social bets," announced on Wednesday that it has closed a $3.5 million first round of venture capital financing, led by Intel Capital.

The London-based company was founded in 2006 and launched in January 2007, and said it has built an audience of 800,000 unique viewers over the past year.

"Bragster was founded to record all the crazy things our friends were bragging about but never seemed to happen. There's a competitive spirit in each of us and challenges everywhere, and Bragster is available to record and enrich them," said Bragster co-founder Wim Vernaeve, who previously worked at Morgan Stanley.

The funds will be used to support future product launches, to hire additional staff and for marketing.

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