The multi-lingual Myspace that is Facebox, one of Europe’s top social networks with over 17 million users, has just announced it has secured 5 million euros in venture capital funding and will change its name to Netlog.

Nobody doubts that there’s big money in social media, if a business can get the formula right.  This is another example. 

The fact that Netlog is uniquely pan-European and runs currently in 8 different languages (English, French, Spanish, German, Portuguese, Dutch, Italian and Romanian) must have played a large part in VCs Index Ventures choosing to invest.  The purpose of the funding is reportedly to roll out further language editions more quickly.  

The potential appeal for advertisers wanting to reach Netlog’s 18-24 year old demographic across European borders ought to be enticing.  With 2 billion page views a month just six months after launch you might ask yourself why the business needed the VC funding in the first place, if advertising revenue was already rolling in.  That said, with the founders of Skype apparently involved with Index Venture, perhaps it is the board room expertise that is most valuable in this deal.

Netlog though?  I still prefer the name Facebox.