Even though social networking and widgets are pervasive -- and useful -- the ultimate business model is a bit fuzzy. But, for some VCs, there is still hope.

Look at KickApps, which has a full-platform to build cool widgets. This week, the company announced a Series C round of $14 million. The investors include North Atlantic Capital, Softbank, Spark Capital, and Prism Ventures.

The deal is definitely gutsy. After all, online advertising looks particularly vulnerable -- and even top social networking sites, such as Facebook, are falling below expectations.

However, VCs are supposed to look at the long haul. So, with the money, KickApps can continue to forge its strength in the marketplace, with arrangements with more than 48,000 websites across a myriad of industries. Some of the customers include Budget Travel, New York Knicks, and Guinness World Records.

The company's platform is powerful -- there are strong video capabilities -- but also relatively easy to use. No doubt, this is usually a good combination for a new technology.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Streetsmart Guide to Short Selling: Techniques the Pros Use to Profit in Any Market. He is also the founder of BizEquity, a valuation website.

With the huge success of MySpace and Facebook, social networking is becoming something that seems almost natural for a web site. But why spend the money to build the technology?

So, that's what KickApps is for. Basically, it's a platform that allows for easy construction of highly polished social networks. What's more, a company can keep its own branding (which is critical).

As a testament to its power, KickApps has snagged big-time customers like Scripps Network Interactive (NYSE: SSP), Time Warner's (NYSE: TWX) HBO, P&G (NYSE: PG) and even the Arena Football League.

What's more, KickApps recently got a venture round of $11 million. The investors include SoftBank Capital, Spark Capital, and Prism VentureWorks.

No doubt, there are other players in the space. But with serious backers, things will be a little easier for KickApps.

Although, I think the company is likely a buyout candidate -- not a prospect for an IPO. And the typical suitors have the resources to pull off a deal, such as Microsoft (NASDAQ: MSFT), Yahoo (NASDAQ: YHOO), and Google (NASDAQ: GOOG).

And, if you want to check out more venture capital deals, click here.

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