Gay Social Networking Site Raises Seed Money

Entrepreneur Jason Goldberg has developed a new social networking site aimed at gay men that he calls a cross between Facebook and Yelp.

As the founder and CEO of Fabulis.com, Goldberg raised $625,000 for the launch of his website this spring.

Goldberg would not say if the company will charge membership fees but said Fabulis will provide a place where gay men can discuss and recommend places and cities to visit in addition to reviews -- similar to Yelp. The site will also provide Facebook-like connections.

According to Private Equity Week, Goldberg thought of the idea while vacationing in Europe with his boyfriend when they were unable to find many gay-centric activities online.

Goldberg said sites he found were "representing 50-year old women, but not addressing my demographic. I realized then that I needed to create a product that I wanted to use."

Goldberg previously founded tech companies Jobster and Socialmedian, which is now Xing.