Shasta Ventures put $3.5 million into LinkedIn competitor Doostang, adding to the million or so that they raised previously in an angel round.Doostang is a job site and social network where new users have to be invited by someone currently on the site. That keeps growth small, but the site has been known for having very high end jobs and job candidates.

So far, Doostang has no revenue model - everything is free. But that’s changing from what we hear. No details yet, but I’d expect users to be able to generate fees from recommending friends for jobs (an activity that is already encouraged on the site).

Currently Doostang has just over 300,000 registered members and 4,633 jobs listed.
 
300,000 registered members divided by 3.5m = $11.6 USD per registered member.

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This entry was posted on Friday, October 19th, 2007 at 11:19 amand is filed under VC Funding. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.