Boca Raton, Fla. - Multiply, a social network with 10 million members, has received a $5 million equity investment from Filipino media company ABS-CBN, Business Mirror reports.

The investor also retains the right to sink an additional $4 million into the company over the next three years, which would increase its holding to 10%.

Founded in 2004, Florida-based Multiply says it differs from other social networks by focusing on facilitating content sharing between small groups of trusted friends.

The company recently said that its members post over 2 million photos, 19,000 videos and 55,000 blog entries daily.

ABS-CBN will help Multiply manage its ad requirements both in the Philippines and abroad; provide mobile services; and increase its Filipino audience. The company currently counts about 3 million Filipino users.

Related Links:
http://snipurl.com/5svr6 (Business Mirror)

http://www.multiply.com