Ning, a platform which allows users to create their own social networking sites, has recently raised a third round funding of $44 million (22 million pounds) - valuing the company at $200 million.
Social networking sites are currently the fastest growing on the web and Ning claims the third round raise is among the biggest in social networking history.
The social networking aggregator was launched by Netscape founder Marc Andreessen and Ning chief executive Gina Bianchini two years ago.
It has previously received two funding rounds from friends and family and, since a re-launch of the service last February, has increased its traffic significantly.
"The Ning platform allows people to design and build their own social networks," an xyz PR statement said.
"Everything from a small network of pet enthusiasts to independent musician networks to large regional social networks are prevalent on the website. The company currently boasts over 70,000 different networks using its platform."
Ning claims it will use the extra funding to "scale operations to accommodate traffic and growth; product design and development efforts; and support programs".
However, if Ning has plans to topple social networking market leaders Facebook and MySpace, it has a long way to go.
Recent figures released by Hitwise showed that MySpace beat off competition from Yahoo! and Google to top the list of most visited sites in the US for the week ending July 8th.
