Facebook Co-Founder Eduardo Saverin Invests in Another Social Network

Eduardo Saverin, the co-founder of Facebook who sued the tech company to get his name back on the masthead, is now investing in a new social network called Qwiki.

“I am in a situation today where I can do what I love, which is help other entrepreneurs,” Saverin told the New York Times. “Facebook has been a big thing and will be a big thing. Qwiki is early stage, but they are on the path to be a game changer.”

Qwiki received $8 million in funding, the majority from Saverin. Saverin did not disclose how much he invested in the company. However, he said he did see the company win at TechCrunch Disrupt San Francisco and contacted the founders Doug Imbruce and Louis Monier, a founder of Silicon Valley dinosaur AltaVista. From the Times:

Qwiki’s basic technology turns a collection of data about a topic into interactive multimedia presentations. The company applied the technology to a service that works like a search engine. If you type “San Francisco,” it will return an short audiovisual presentation about the city that includes basic facts and sights.

The Brazilian-born Saverin was portrayed as a founder of Facebook frozen out by Mark Zuckerberg and Sean Parker in the award-winning film, "The Social Network." He later sued the company and settled for an undisclosed amount --  but his name was restored to the company's masthead. Reports estimate the settlement ranging from $1 billion to $2.5 billion, based mostly on fluctuating Facebook valuation.

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