In April, we wrote about Montreal company Weblo, and we called it somewhat of a pyramid scheme.

It lets you buy virtual domain names, for example www.LosAngeles.com for a few bucks (even though the domain name is owned by someone else on the real web), pretend you own that city and then sell off properties there to the fool who comes along to bid on it. Your incentive is to recruit others to do so. Everything in the real world exists in this virtual world of Weblo and is for sale.

Apparently, some investors have differed from our skeptical view, and think there’s real value in such a site. It got $3.3 million in a second round of VC funding from VantagePoint Venture Partners.

http://venturebeat.com/2007/07/16/we...or-raises-33m/