There is a lot of funny money on Facebook, but it is getting really bad. Startups are trying to raise money based on virtual valuations. Earlier this week, I wrote about a fishy Facebook organization in the making called the UADA. It is listed on Facebook-stat site Adonomics as the biggest Facebook app company, even though it doesn’t seem to exist yet. Altura Ventures, a Facebook-focused VC firm which owns and operates Adonomics, is also behind the UADA and is conveniently using Adonomics to promote the mystery company before its launch on February 29.
But the UADA isn’t even funded yet. It turns out that Altura is trying to raise a seed round of $250,000 for the UADA, and anothe ...
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