PALO ALTO, Calif.—Social network developer flipt said it snared $5 million in its first round of venture funding.
Sequoia Captial and New Enterprise Associates led the financing round. The stealthy startup, which recently changed its name from Radiate, is quietly working on a location-enabled social networking application it plans to unveil in “coming weeks.”
The company was founded by 21-year-old Sam Altman, who developed the service during his sophomore year at Stanford in an effort to organize his social life.
“This mobile generation of teens and 20-somethings look to technology to connect them to their friends and to the events and happenings that matter most to them,” said Greg McAdoo, a partner at Sequoia. “Flipt will give this very active and social group a way to engage in that behavior in the real world using a device they all carry—the mobile phone.”
