Fifth Generation Systems Raises $5.3 Million

Fifth Generation Systems, Inc., a Rosalind, NY-based web company, has raised $5.3 million in Series B financing. Among those investing are Irwin Lieber and Barry Rubenstein of Wheatley Partners, Persistency Capital, and Gund Investment, LLC, with Bergstein, LLC provided additional funding.

In a statement released today the company said they’d put the money towards accelerating product development and expanding user base. By that they mean making Zude, their social networking site, viable. Punching Zude’s name into Compete reveals that there were less than 5,000 people visiting the site in December.

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