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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Facebook has $200 million investment from Russian firm Tue May 26, 2009 4:20pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Anupreeta Das NEW YORK (Reuters) - A Russian Internet investment firm has invested $200 million in Facebook, giving the social networking company a cash buffer during the recession and pegging its value at $10 billion. Digital Sky Technologies, which has invested in leading Russian web properties like Mail.ru and Vkontakte.ru, will take a nearly 2 percent stake in Facebook in exchange for preferred stock, the two companies said on Tuesday. The new valuation is $5 billion lower than when Microsoft Corp invested $240 million in Facebook, in return for a 1.6 percent stake, in 2007. Asked about the lower valuation, Facebook Chief Executive Mark Zuckerberg said Microsoft invested when "we were right at the absolute peak of the market." The Microsoft deal was more of a "strategic partnership" where the two companies partnered on advertising and search, whereas Digital Sky made a "straight financial investment," Zuckerberg said on a conference call. Given this context and the current economic conditions, "we think of this as a fair and good valuation," he said. HAVE MONEY? WE'LL TAKE IT Facebook did not need to raise additional funds, but welcomed Digital Sky's investment as a "cash buffer" that will help it grow comfortably, Zuckerberg said. Other potential investors too have come calling, he added, and Facebook has held discussions with several groups interested in putting money into the company. Digital Sky won because its founders Yuri Milner and Gregory Finger have strong experience running Internet properties in Eastern Europe and Russia, and "a deep, advanced understanding" of social networking technology, Zuckerberg said. "Ultimately (it was) this deal and my comfort with Yuri and the team," said Zuckerberg, 25, who founded Facebook in a Harvard University dorm room five years ago. Since then, the social networking site, where people can create personal pages, post pictures and exchange messages with their friends online, has seen explosive growth. Facebook now has more than 200 million active members, double the number it had just last August. About 70 percent of its members are outside the United States. Critics of Facebook, which makes most of its money through advertising, say the company has not yet figured out a sustainable revenue model. But the company has said it is on track to increase revenue by 70 percent year-over-year, and to become cash-flow positive by 2010. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Intel to produce new, more powerful server chip Also On Reuters Analysis: What to do with a captured Somali pirate? Full Coverage: U.S. Outlook: Recession relapse risk Slideshow Slideshow: China's big smoking habit More Technology News Intel to produce new, more powerful server chip Nokia opens App Store rival, response slow Apple iTunes may hit more markets with French moves Twitter eyes foray into TV Asustek aims to be No.3 laptop vendor in 2011 More Technology News... 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