$1 Billion (to Spend) for Social Media

Follow the money man. Yuri Milner, Russian investor in Facebook and Zynga, has a budget of $1 billion to invest in social media companies.

Moscow-based Digital Sky Technologies, which in December led a round of funding in social gaming site Zynga, plans to invest more than $1 billion in social Web startups around the world, mostly outside Russia, Milner says in an interview with Bloomberg BusinessWeek. “We monitor close to 50 companies globally that can be potential investment opportunities,” Milner says. He expects to announce at least one deal by midyear. “I’d like to see DST as a significant global investment company in the Internet arena.”

[via BusinessWeek]

Full story here.

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Author: Dewita

Co-founder Ecotwist Labs.

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