A lot of web companies have received a lot of funding so far this week and most of them seem to be in the social networking/social media space.

• MocoSpace, a mobile-only social network raised $4 million from existing investors. They previously raised $3 million a year ago.
• The Rubicon Project - they help websites place and optimize ads from other ad networks - closed $15 million just three months after closing a $6 million round. But at least they brought in $1 million in revenue for the last three months.
• Downloadable music, video, and movie provider 7digital closed $8.5 million.
• Visible Measures closed $13.5 million to track video engagement. Their software captures every play, pause, rewind, and email-to-a-friend button that viewers click.
• Relatively unknown social network Moli raised $29.6 million, bring their total funding to $55.6 million. In December, the site has just 48,000 visitors.
• Treedia Labs grabbed $5 million. They’re responsible for podcast.com and videocast.com.
• Mig33 closed $13.5 million, adding to the $10 million they raised in May.
• StyleFeeder got another $2 million to add to the $1 million they got last year.
• Social Network Yonja closed $12.5 million.
• hi5 took on $15 million in debt financing. hi5 is a social network claiming 70+ million users, but doesn’t show on the list of top 10 social networks published by Neilson.
• Social shopping site, ThisNext, raised an additional $5 million bringing their total funding to $7.5 million.
• ShoZu, a London-based company in the social media space, closed $12 million.
• Etsy the “eBay for hanmade goods” closed $27 million.

It’s clear from just 3 days of annoucements that there is a ton of money sloshing around in the social networking/media space now, and the web as a whole again. Just this week, $165 million in funding has been announced.

If it wasn’t clear before, I think it is clear now where the next Internet bubble is — social media. I believe that it is a limited space and there can be only a few successful companies there. It seems like money is being thrown at businesses with no clear plan for revenue again. Are investors losing sight of what happened in the late 90’s? These companies are grabbing up a lot of money to build things that already exist. It smells of a nasty bubble in the works.