Ning rings up a cool $44 million

Compared to other social networking sites – like News Corp's(NYSE:NWS) MySpace and Facebook – Ning doesn't get much buzz. But that may change soon.

This week, the company announced that it raised about $44 million in venture capital. One of the backers of the company is Marc Andreessen, who also cofounded Netscape back in the Internet heyday.

Basically, Ning allows you to create your own social network (and it is actually a fairly easy process). So far, its users have created about 70,000 social networks.

I had a chance to interview Robb Hecht, who is an expert on social networking and operates IMC Strategy Lab Consulting.

According to him:

"In an online environment where consumers are now in control, Ning may give businesses back a little control.

"Brands developing social networks within Ning can insert their logos, branding, visual designs, branded widgets and links much more easily than the three major social networks currently allow. Of further value to businesses seeking customer data, Ning templates allow social networking administrators control over most data members provide them. And with $44 million, Ning can no push aggressively on this strategy."

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.