An article called "Social network Moli raises another $29.6 million, to take on Facebook, LinkedIn" was posted today on venture beat and I just had to check it out.

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Social network Moli raises another $29.6 million MOLI is a social network that promises to give users (both individuals and businesses) more control over their social network profile. Molis is the core subsidiary of a media company called Mainstream Holdings, Inc., which has high-profile backers and a vast amounts of funding. Mainstream Holdings is founded, in part funded, and run by Christo M. Cotsakos, the former chief executive of E*TRADE. The company, based in West Palm Beach, Florida, has just raised $29.6 million, bringing the total amount raised so far to a whopping $55.6 million

So, Moli is basically a very normal looking Social Network, sort of youth'ish and maybe even a bit contrived because of its graphic design being rather 'clip-art-photo' or corporate seeming. You'd think this company were owned by Microsoft perhaps.

The tagline, "let your friends see who you really are", seems interesting enough and the main features are those ones we so often see: Blogs, Message Boards, Profiles and some video, photos, games areas.

It's really not clear why this network exists, except to target some of the monolithic sites like Facebook or even LinkedIn by providing a notion that maybe you don't want everything to be so public.

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Of course, the answer to the problem of your posts not being shown to the audience you want, is the fact that these monolithic sites have no specific audience and so it's not really more relevant than publishing to your own completely public website.

With a whopping $29 million of a rumored $50 million, I think they can hire a few engineers and maybe even get some PR. I guess we'll be seeing them around!