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Flixster Raises $5 Million Of Planned $8 Million Second Round; No Sale

This story was written by Joseph Weisenthal.

So Flixster finally decided not to sell (or, that no one was willing to pay its blue-sky valuation hopes): the movie-based social service that popular on Facebook, has raised $5 million of a planned $8 million second round according to peHUB. The round was led by Pinnacle Ventures, with participation from past backer Lightspeed Venture Partners, which led the company's $2 million first round.

The service kind of resembles Netflix (NSDQ: NFLX), without the DVD rental partjust the peer recommendations. There have been on-again/off-again rumors of an IACI (NSDQ: IACI) takeover, though that's dead, and the fresh raise confirms that. Reports had said the company was seeking $150 million or more.

By Joseph Weisenthal

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