Andre Yoskowitz
20 Jun 2011 13:43
LinkedIn, the professional social network that has seen strong growth in the past few years might have its first legitimate competitor.
BranchOut, an app on Facebook that does everything that LinkedIn does, saw its userbase jump from 32,000 to just over 900,000 (and growing) in the last week, following the addition of job listings on the front page.
The app originally launched in August 2010 with $24 million in venture funding but saw extremely stagnant growth as developers worked out designs and core features.
LinkedIn recently IPOd to huge demand, with a public offering price of $45 which quickly traded up to $123 on its first day.
Since then, however, LinkedIn has fallen to $60 a share as traders and investors cool to the idea of the social network.
(Pic via BI)