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Week in Tech: 08/03/2013

What's new in the world of technology.

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FUNG CAPITAL BETS ON OLAPIC: Fung Capital USA bet that it is pictures and videos — not text — that will help brands see a return on their social media spending, coleading Olapic’s $5 million Series A funding with Longworth Venture Partners.
 
FAB RAISES ADDITIONAL $10 MILLION SERIES D:
The e-tailer raised an additional $10 million from SingTel Innov8, part of an ongoing Series D round that’s already drummed up more than $150 million.
 
ONLINE TO BECOME LEADING SCREEN
: EMarketer said time spent with digital content — whether it be mobile, desktop or tablet — will eclipse that of TV this year, noting that adults, on average, spend two hours and 21 minutes per day on nonvoice mobile activities.

TWITTER HINTS AT IPO: Twitter briefly posted an opening for a financial reporting manager — i.e., someone who would handle regulatory filings — fueling more speculation that the company is getting ready for an initial public offering.
 
P&G’S DIGITAL SPEND: About 35 percent of Procter & Gamble Co.’s marketing spend in the U.S. goes to digital outlets. “We are holding all of the businesses to a minimum ROI,” said Alan Lafley, chairman, president and chief executive officer, on the firm’s fourth-quarter conference call, referring to return on investment. “We’re pounding away on communication effectiveness.”

GOOGLE AND FACEBOOK LEAD MOBILE ADVERTISING: Despite a slew of entrants, Google and Facebook continue to dominate mobile advertising, with eMarketer projecting that the two companies combined will capture almost 70 percent of the market by year’s end, according to a report from New York University’s think tank Luxury Lab, or L2.
 
CLIQUE MEDIA LAUNCHES BEAUTY VERTICAL: Hillary Kerr and Katherine Power, cofounders and ceo’s of Clique Media, launched beauty Web site Byrdie on Monday, seeing a need for, in their words, “an online beauty venue that wasn’t a traditional magazine’s Web site, blog or a video tutorial.”
 
ONLINE SHOPPING ON THE RISE FOR CHINESE IN SMALLER CITIES: Chinese living in smaller cities are spending more online than their counterparts in wealthier urban areas, according to a study released by Taobao.com, illustrating e-tail’s potential in regions with less access to physical stores.
 
FACEBOOK STOCK GETS MOJO BACK: Following the release of its second-quarter earnings last week, the social media giant’s stock broke back through its IPO price of $38 on Wednesday. It closed the week at $38.01.
 
PINTEREST SALE ALERT: The social network on Thursday revealed a new functionality that will let users know when a product they’ve pinned goes on sale, evidence that the platform wants to gain an even stronger foothold on commerce.

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