With a second investment in LiveWorld, WPP Group has built up its stake in the social-networking applications builder.
WPP was the lead investor in a $2 million funding round closed by LiveWorld, writes AdWeek. Investors included Abundance Partners, Allegis Capital and DragonBridge; LiveWorld issued 3,676,470 shares of common stock for the $2 million raised. "This additional investment reflects this momentum and our commitment to growing our joint leadership in this space," WPP strategy director and WPP.com CEO Mark Read said in a statement.
In July, WPP and LiveWorld formed the WPP-LiveWorld joint venture, as part of which WPP received warrants to buy 2 million shares of LiveWorld. LiveWorld has in the past worked with WPP agencies Ogilvy, Wunderman and JWT, among others.
