AMD To Invest/Partner With Prominent African Social Networking Website, LAGbook

Online, July 20, 2012 (Newswire.com) - Prominent Social Networking Website, LAGbook, has today disclosed that AMD has shown interest toward investing/partnering with the young social network with over 160,000 registered members. It has been reported earlier that the promising social network signed an 8 weeks advertising deal with Research In Motion (Blackberry) Nigeria, which is to roll on after 11th Aug, 2012, if RIM decides to.

LAGbook according to Alexa is popular in over 10 countries in Africa, Asia, Europe and America, which includes the United States, United Kingdom, Turkey, Germany, Canada, Pakistan, Romania, India, Philippines, Malaysia and Nigeria, especially in the city of Yaba, Lagos, where the social network was incepted and currently ranks #2 in traffic, right after Facebook.

Chika Nwaogu, the co-founder and Chairman at LAGbook said "We received two mails, one from AMD and the other from Ocean Tree Co., a Florida-based company." Chika continued "Both companies are interested in investing in LAGbook and have been in touch with our Vice President for Business Operations, Kayode Ojo".

According to Kayode Ojo, the Vice President of Business Operations at LAGbook, "Chris, the CEO of Ocean Tree Co. proposed to work with us on his new project for Africans, but we turned it down. We are not ready to partake in any venture except for what we are doing right now, which is building Africa's largest, strongest and most-preferred social network".

Chika said "Preetha Parthasarathy of AMD has been in contact with me. We talked for over quarter an hour and she's to get back to me soonest on AMD's next step".

According to Jake Adebayo, the Vice President of Publicity at LAGbook, "It's logical why AMD wants to invest in us. We are the fastest growing social network born out of Africa and by the first week of next year, we should be able to boast of a user-size of over 600,000 members, making us Africa's largest social networking website." Jake continued "Personally, I'm not thrilled yet. I'm patiently waiting for the day we join the list of social networks with over a million registered members".

A social network which began with a modest daily growth of 100 new members has peaked and today attracts over 4,000 new members on business days and 2,000 daily new members on weekends. LAGbook has been featured on TechCrunch, Vanguard, Yahoo! News, AllAfrica, African Business Review, National Mirror, Business Day and Wikipedia.

The young social networks has also appeared on Seattle Post Intelligencer, CentreDaily.com, Sun Herald, el Nuevo Herald, The State, The Street Sweeper, The Olympian, Individual.com, Mercury News, Chron, NewsObserver, Star Telegram, The Miami Herald, The Columbus Dispatch, Star Tribune, Virtual-Strategy Magazine and IT News Online.

Chidi Nwaogu, the 22 year old co-founder and CEO at LAGbook said, "It's really an awesome year for us all at LAGbook. Working with Research In Motion and attracting the investment interest of AMD is really something we never saw coming during inception." Chidi continued "The beautiful part of it all is not the funding we get from these companies. What matter to us is the fast growth of our users, the crazy traffic and activities on LAGbook and our increasing popularity in Africa and beyond. I'm blessed to be part of this and I'm proud to be called the CEO".

LAGbook is privately held by LAGbook, Inc. and funded by LAGbook Capital, a venture capital firm that focus on acquiring and investing in promising African internet start-ups. In the past, LAGbook Capital has acquired PalzCity, CasinoNaija and JoshBet, with current investment in HiPingg.