MCLEAN, Va., Aug. 25 /PRNewswire/ -- Multicity.com announced today the successful closing of its first round of financing.  Draper Atlantic, the East Coast satellite fund of Silicon Valley's highly successful Draper Group, led the round of financing.

    Multicity.com is the first Global Open Community on the Internet.  Unlike existing communities, Multicity.com and its network are comprised of interconnected, independent web sites, offering multiple points of entry into its global community. The Multicity.com backbone is comprised of one of the leading chat networks, counting over 40,000 chat rooms around the world, in 18 different languages, with over 2 Million user sessions last month and over 35 Million minutes of chat.

    "Draper Atlantic was the Venture Capital firm we wanted to lead this deal," commented Multicity.com Founder and CEO Alain Hanash.  "Their focus on early-stage Internet companies, coupled with their connections to Silicon Valley, made Draper Atlantic our first choice among many local VC firms who were interested in Multicity."

    The Multicity.com network has been built using proprietary technology, including the MultiChat™ software, a recognized leader in design, performance and reliability. It was  developed using Sun Microsystems' Java technology, and rated a "Top 5% Java Applet" by Jars (Java Rating System). In addition to chat services, Multicity.com provides information services including news, movie reviews, horoscopes and online shopping.

    "We first met the Multicity.com team in May, at the Netpreneur breakfast keynote speech featuring Tim Draper," commented Draper Atlantic Managing Partner Jim Lynch.  "Since that first meeting, their progress has been tremendous.  Their viral marketing strategy has fueled very rapid growth in their user base, and their global focus, with almost half of their users located outside of the United States, is quite exciting."

    Multicity.com seeks to become the leader in global real-time interactive communication and commerce through exclusive partnerships with leading service providers and merchants.  More information is available at http://www.multicity.com/.

    Draper Atlantic is the $50M+ East Coast satellite fund of Silicon Valley's highly successful Draper Group.  To date Draper Atlantic has led financing rounds for Amazing Media, SingleSurf, 2Wrongs and Multicity.com.  More information is available at http://www.draperatlantic.com/.