In a quiet fund-raising effort, Ning has raised $15 million more, a round that is valuing the social networking start-up at an eye-popping $750 million valuation.

In its last fundraising $60 million round a little more than a year ago, Ning was valued at $500 million.

The money for this fifth Series E round comes from a Silicon Valley venture firm, Lightspeed Venture Partners.

The Palo Alto, Calif.-based Ning, founded by well-known entrepreneur and Ning Chairman Marc Andreessen and CEO Gina Bianchini, confirmed the funding when contacted by BoomTown. It was not actively searching for funding.

Other investors in Ning include LinkedIn Chairman Reid Hoffman, Legg Mason, and Allen & Co.

The additional funds raised bring the total garnered by Ning to $119 million.

Ning is a platform aimed at offering customizable tools that let users create their social networks about their interests, such as for fans of the movie “Twilight.”

Ning puts online ads on the sites, using Google (GOOG), and is also working on its own advertising platform. It also offers an array of other services and is planning more soon, such as a virtual-gift offering.

Founded in early 2007, it currently has 29.3 million registered users, who are using 1.3 million social networks, and it is adding one million registered users every 15 days, said the company.

But not all its social networks are active, and Ning’s monthly unique visitors are lower, according to various surveys, at about six million in the U.S.

Ning is one of Andreessen’s angel investments, although he recently raised $300 million for a new venture fund he is running with longtime investing partner Ben Horowitz.

In an interview, Bianchini said the goal was to become an even bigger platform for building social networks and the money would be used for possible acquisitions and other strategic options, attracting more talent and also to offer its social networks more tools to be discovered.

“It’s clear to me when you look the market…there needs to be a place for people to express their interests and passions,” said Bianchini, who noted Facebook and Ning do not necessarily overlap. “We want to be the social network for interests and passions online.”

Lightspeed’s Ravi Mhatre, who led the investment for the venture firm, said it was due to a lot of reasons, although he noted that the effort was not a traditional fund-raising effort, but more of an interest by Ning in adding a top VC to its investor pool and by Lightspeed in Ning’s hyper-growth.

“The growth at Ning has been massive in the last year and, combined with the quality of the team and seeing that kind of momentum, it worked out well for us both,” said Mhatre.

In a move that many in the Silicon Valley chattering classes were certainly wondering about, former Yahoo exec Jeff Weiner has been named CEO of LinkedIn, the largest social network focused on professionals.

Weiner (pictured here), 39, who has been the president of the Mountain View, Calif.-based company since late last year, will also join the board of directors.

Current CEO, Chairman and founder Reid Hoffman–whose second title will be slightly changed to executive chairman and who will continue to work on a daily basis at LinkedIn–said the move was not part of the preparations for an initial public offering but because Weiner had already been handling the duties of CEO for some time.

“Jeff has really had our team reporting to him and has been doing a lot of what a CEO does for months now,” said Hoffman. “So, we wanted to project that to the world what was already projected internally.”

Before coming to LinkedIn, Weiner ran the Network division of Yahoo (YHOO), putting him in charge of most of its consumer offerings.

He left the Internet giant a year ago and did a brief stint as an executive-in-residence at two Silicon Valley venture firms–Accel Partners and Greylock Partners–before joining Linked in December.

Weiner listed a number of priorities moving forward, including scaling the network, increasing the user base and engagement, improving user experience and product ease, juicing up search, further expanding internationally and strengthening the platform and third-party developer relationships.

Phew, but he left out improving the food in the cafeteria!

“We have done a lot over the last six months to really grow this professional network,” said Weiner, who noted that the company had beaten its internal projections. “And we are positioned well to reach our full potential.”

For now, to both Weiner and Hoffman, that means growth and further girding the bottom line.

LinkedIn, which said it has 42 million members world-wide, has a more diversified business model than other social-networking sites, with “three lines of revenue, including premium subscriptions, corporate solutions and advertising.”

Hoffman said the company was profitable in 2008 and is expected to be profitable in 2009, although he declined to provide either revenue or profit figures.

One striking figure, of course, is the more than $100 million in funding LinkedIn has gotten since it was founded, which had given it a massive valuation of over $1 billion.

That’s why many have been watching for either an IPO or a sale of LinkedIn. Many possible acquirers have been bandied about in the past, including News Corp. (NWS), which owns Dow Jones, owner of this site.

But Hoffman discounted either path for now.

“We are entirely focused on building the company and not on the run-up you make for a public offering,” he said.

Added Weiner: “We are working on how you build a strong company for the long term.”

Here’s the official press release on the news:

LinkedIn Names Jeff Weiner Chief Executive Officer

Co-founder Reid Hoffman continues as Executive Chairman

Mountain View, CA–June 24, 2009–LinkedIn, the world’s largest professional network, today announced that Jeff Weiner has been named LinkedIn’s chief executive officer and appointed to the board of directors. Reid Hoffman will remain focused on LinkedIn in his day-to-day role as founder and executive chairman.

Since joining LinkedIn as interim president in January 2009, Weiner has overseen all operations and played a defining role in developing and executing the company’s strategy to address the accelerating demand for LinkedIn’s products and services on a global basis. “Working closely with Reid and the team over the past six months exceeded all of my expectations coming into the company,” said Weiner. “I couldn’t be more excited about our progress to date, and the opportunity ahead of us.”

“LinkedIn was founded to harness the power of the internet to create a tool that would help individuals become more effective and successful professionals,” said Reid Hoffman, co-founder and executive chairman, LinkedIn. “Over the past six months, Jeff has done an exceptional job leading the company and I look forward to continuing the work that we have begun together.”

In the past year, LinkedIn has achieved records across virtually all key operating and financial metrics, most recently exceeding 42 million global members. LinkedIn has an established business model with three lines of revenue, including premium subscriptions, corporate solutions and advertising. The company operated profitably in 2008 and is expected to be profitable in 2009. LinkedIn has secured more than $100 million in funding from some of the world’s premiere investors.

Weiner brings more than 14 years of consumer web experience to the position. Prior to joining LinkedIn as interim president, Weiner was executive in residence at Accel Partners and Greylock Partners. He had previously held key leadership roles at Yahoo!, most recently serving as executive vice president of Yahoo!’s Network Division with responsibility for Yahoo!’s consumer web product portfolio, including Yahoo!’s Front Page, Mail, Search and Media products. In addition to LinkedIn, Weiner serves on the boards of DonorsChoose.org and Malaria No More. For more information, please see Jeff Weiner’s LinkedIn profile at: http://www.linkedin.com/in/jeffweiner08.

BoomTown’s visit to Italy has been eye-opening in a lot of ways, not the least of which is to be reminded that not everyone in the world is jacked into the matrix 24/7.

In other words, Julius Caesar conquered Rome, but Twitter definitely has not.

In fact, the conference being held here is aptly called “Tutto Cambio, Cambiamo Tutto?” (I came here to interview Huffington Post editrix Arianna Huffington and LinkedIn founder and CEO Reid Hoffman onstage about innovation and online trends.)

That roughly translates into “Everything changes, let’s change everything?”

This is not a question that is much asked in Silicon Valley, which changes just like the weather, embracing change for change’s sake.

But here, whether or not to change is much more of a debate–one in which change does not always come out on top.

Internet penetration is much lower here than elsewhere in Europe, as is everything from per capita computer ownership to online advertising spending. Television still dominates most media.

“We’re 2,000 years old” is something you hear a lot from people as an explanation for approaching everything, from social networking to iPhones to anything interactive, with some wariness.

While most people here note that they like Facebook, prounounced “FAY-sa BOO-ka,” hardly anyone sees the point of Web 2.0’s trend du jour, Twitter (“TWEE-tur”).

In fact, few have heard of it, and those who have don’t use it.

And while several people have iPhones, no one seems over the moon about the Apple (AAPL) phenom or captivated by its potential to herald Web 3.0 as the mobile revolution.

In any case, here is a video I did, speaking to both Huffington (here is her blog on the event) and Hoffman, as well as to several Italians at the conference:

BoomTown is winging toward Italy this weekend to participate in an interesting gathering about digital and other issues related to innovation.

The once-every-seven-year conference apparently gathers all of Italy’s most powerful leaders, companies, and brands to discuss the future of their businesses and the changing nature of the relationships between companies, consumers and brands.

This year focuses on disruption and change, with the event titled: “Tutto cambia. Cambiamo tutto?”

That roughly translates to: Everything changes. But do we change everything?”

Si, cari i miei geek italiani!

While there, I will be conducting an onstage interview with Huffington Post co-founder and blogging diva Arianna Huffington and another with LinkedIn founder and CEO Reid Hoffman.

I honestly know next to nothing about Italy and the Web except that one of the country’s prosecutors recently decided to sue Google (GOOG) for defamation and breach of privacy over a nasty video it hosted.

But here are some interesting items I found today:

From Scientific American:

“Concerned that Christians are not entering the Lenten season (which began last week on Ash Wednesday) with the proper spirit, some clergy are calling on their flock to nix text messaging for the next six Fridays leading up to Easter on April 12. Christians are annually asked to refrain from eating meat on Fridays and to pray more regularly during Lent, but the church has apparently gotten hip to the hold that technology has on its brethren. The diocese of Modena-Nonantola in Italy in particular is calling for text-messaging-free Fridays as a way for the faithful to at least temporarily rid themselves of reminders of “material wealth,” but the church is also calling for such digital abstinence in the name of human rights.

The diocese, in a statement on its Web site (translated from Italian to English using Google’s translation software) notes that 80 percent of the mineral coltan–a metallic ore used to make used in consumer electronics products such as cell phones, DVD players, and computers–comes from Kivu, the war-ravaged eastern region of the Congo, where “civil war has caused more than 4 million deaths in the last ten [sic] years.” The diocese says that the extraction and trade of coltan by Western industry has helped fuel warfare in this region of Africa (a statement, they say, backed by a 2003 United Nations report).”

From ANSA.it:

“One out of four Italians have been a victim of identity theft at one time in their lives and one out of two of these discovered this by looking at their bank statements, according to a new report.

Drawn up by the consumer group Audiconsum, the report found that Italians are otherwise savvy about new forms of financial fraud and only 15.5 percent of the population has fallen victim to phishing, fraudulent emails from alleged banks and credit companies seeking financial and personal data for criminal purposes.”

From Billboard:

“According to data gathered by the auditors Deloitte on behalf of the major labels’ representative body FIMI in Italy, music sales (CDs, music, DVDs and digital) fell by 21 percent in 2008.

Total sales (after returns) were worth €178 million ($223.7 million) in 2008, as opposed to €224 million ($281.5 million) in 2007.

According to a FIMI statement, total turnover in Italy in 2008 returned to the same level of 1989.”

Of course, I will be there ferreting out my own info about the Italian Web scene, in an abbondanza of text and videos.

But until I post from there, here’s a trailer from one of my old favorite cheesy movies, “Three Coins in the Fountain.” (Hello, Rossano Brazzi!):

While at the TED conference last week, I asked a variety of people in attendance at the elite gathering which presentation had blown their head off. Figuratively, of course!

TED–for Technology, Entertainment and Design–had an eclectic range of speakers and tony digerati parties at its new location in Long Beach, Calif.

Onstage, there were a lot of talks about the awful state of the earth at TED, which sometimes feels like a four-year college in four days.

But there were also less-dire presentations, like the one from “Eat, Pray, Love” hit author Elizabeth Gilbert about genius, and another on how Brad Pitt’s head and range of facial expressions are now stored in a studio database for all eternity (as part of his work on the movie, “The Curious Case of Benjamin Button”).

That’s a cold comfort amid all the global melting down, but BoomTown will not refuse it.

I also got reaction from some other TED attendees to the event. Included in the video are: Reid Hoffman of LinkedIn, Foxmarks’ James Joaquin, Craig Donato of Oodle, Mozilla’s John Lilly, VC Dave Hornik, Steven Levy of Wired, entrepreneur Bill Gross (showing off a future car) and techie Linda Stone.

Here’s the video:

And here is a video of my tour of TED action.

Well-known Silicon Valley entrepreneur Reid Hoffman (pictured here) will become CEO of LinkedIn again, taking on the job he had for nearly four years after founding the business networking company in 2003.

Hoffman replaces current CEO Dan Nye, who has resigned and will leave the company in mid-January. He came to LinkedIn almost two years ago and was positioned then as the person who was going to eventually be taking LinkedIn public.

More interesting in the shift is the appointment of former Yahoo exec Jeff Weiner as interim president, overseeing day-to-day operations at LinkedIn.

Weiner has been an executive-in-residence at both Accel Partners and Greylock Partners (a LinkedIn investor) since he left Yahoo earlier this year.

He will remain at those venture firms during the transition, even though he will be working at LinkedIn too. At Yahoo (YHOO), Weiner was EVP of the Network Division, which included all of its consumer-facing units.

In an interview earlier today, Hoffman portrayed the changes as friendly, praising Nye’s efforts as top exec, noting the company’s growth from eight million members to 33 million, reaching profitability, and its $53 million in funding in June at a $1 billion valuation.

But, Hoffman said, “We came to the decision that I needed to be working full time, driving the vision.”

Nye (pictured here) noted the recent hiring of Google (GOOG) exec Dipchand “Deep” Nishar as VP of products, which he spearheaded, was an important moment. Hoffman had been in charge of products.

“I wanted to grow this company into a world-class operation,” he said. “Now, Reid needs no friction, so he can move quickly and do what’s necessary for the next phase.”

Weiner (pictured here) said he was looking forward to getting back into operations, after playing an advisory role recently. “I have been really impressed with the company the leadership team has built,” he said. “I see a lot more potential going forward.”

Although it has raised $100 million in total, LinkedIn has not been immune to the recent economic weakness across Silicon Valley. It recently did some layoffs too, and has been focusing much more on increasing the number of revenue streams it has.

Below is a video interview I did with Weiner in June of 2007, when he was still at Yahoo.

And, below that is another I did with Nye, nine months after he first got to LinkedIn, in which he talks about his plans for the company. (Yes, that is a Hawaiian shirt, and Nye does give Yahoo advice in it.)

Weiner:

Nye:

BoomTown just got to Paris, as in France, to attend and moderate sessions for the third annual Le Web conference.

Le Web is organized by Loïc and Geraldine Le Meur, with 1,500 people signed up to hear a range of Internet players, many of whom are from the U.S., tomorrow and Wednesday.

U.S. speakers include TED’s Chris Anderson, News Corp. (NWS) social-networking site MySpace’s Amit Kapur, Marissa Mayer of Google (GOOG), Linda Avey of 23andMe, LinkedIn’s Reid Hoffman, and Dan’l Lewin of Microsoft (MSFT).

And some interesting European execs include France Telecom Orange Chairman and CEO Didier Lombard, and Jacques-Antoine Granjon, CEO and co-founder of a very interesting fashion sale site, Vente-Privee.com.

Of course, there’s a passel of bloggers here like BoomTown. I’ll be interviewing Werner Vogels, CTO of Amazon (AMZN) and well-known Israeli entrepreneur Yossi Vardi.

Besides this conference, Loïc Le Meur has been trying to make a go of it with his San Francisco-based start-up Seesmic, which–like a lot of Web 2.0 companies–has recently made cutbacks. See my video interview below with him in better times, when I visited Seesmic in February.

You can also watch the conference streamed live from its site. More shaky–but Frenchtastic, although no lip-synching extravaganzas for me!–videos from me at Le Web to come, of course.

[Full disclosure: My partner, Google exec Megan Smith (you can read all about it here in detail), is judging a start-up competition at Le Web on Wednesday. But I am trying to find an excuse not to go to that panel, because I always nod off at those things, even if the crazy version of Britney Spears were a judge. Instead, I hopefully will be enjoying the lovely artwork at the Louvre right then.]

BoomTown always enjoys chatting with the always sunny Loïc Le Meur of Seesmic (and will, in fact, be appearing at his Paris-based digital conference in December, called Le Web).

But I am not quite sure what to make of his big, happy smile that was in this picture above (click in the image to make it larger), which went with a story in the New York Times about start-ups cutting costs.

In fact, the whole Seesmic crew is grinning awfully hard, putting a very game face on recent layoffs that cut the staff at the video blog service by more than a third.

Money–or, more accurately, non-money–quote from the Times piece:

“To preserve cash, many tech start-ups are rushing to lay off employees and cut expenses. They are shelving their dreams of Google-size riches and getting small, humble and thrifty, all with the more modest goal of surviving the coming economic winter.”

In a less puritan mode, Seesmic raised $6 million in May from a bunch of high-profile angels, of $12 million total.

They include LinkedIn’s Reid Hoffman, former AOL head Steve Case, SoftTech VC Jeff Clavier, entrepreneur Mark Pincus, former Goldman Sachs analyst Michael Parekh, entrepreneur Ariel Poler, investor Ron Conway, FON founder Martin Varsavsky and an investment group called Atomico founded by Skype founders Niklas Zennström and Janus Friis. Tech bloggers Jeff Pulver, Michael Arrington and Dan Gillmor have also invested.

Now, Le Meur is trying to stretch his dollars in the economic downturn, spurred by venture capitalists who have been pressing entrepreneurs like him to do so.

“If I can’t make this work in three years it will be a failure,” Mr. Le Meur said to the Times. “If I can and I get through this, it will be much stronger.”

In other words, what doesn’t kill us …

C’est la vie in Silicon Valley!

But in more bon-vivant times, back in February, I did a video post on my happier visit to Seesmic’s San Francisco HQ.

(Note: Many in the video are no longer at Seesmic and neither are the shows discussed, as well as the now-defunct Web 2.0 sentiments about growth without revenue.)

Here’s the video:

Image Credit: Jim Wilson/New York Times

Back in November, I did a video interview with LinkedIn CEO Dan Nye (pictured here) about the fast-growing, in-play business social network.

We talked about the future of LinkedIn and what it all means.

As BoomTown noted then, LinkedIn was the “‘professional’ social network, the serious cousin to the party-hearty twins of MySpace and Facebook.”

But that more dour productivity image certainly did not prevent it from getting a very happy $1 billion valuation yesterday, for what essentially is a business classified service with online presence and connection elements woven in.

And with $53 million in new funding, of course, it’s instantly a hot-ticket item!

As we reported earlier, the money will be used for acquisitions and corporate development, presumably to grow the service into a worldwide behemoth.

That is probably a good thing, as the LinkedIn IPO is further out, said Chairman Reid Hoffman, the serial entrepreneur who founded the company.

He noted to BoomTown in an interview that such an event was not “in the immediate future.”

In addition, that behemoth valuation does leave behind, for now, all the acquisition rumors that swirled around LinkedIn, which had interest from News Corp. (NWS) (owner of Dow Jones and this Web site too) and others.

Now, it is a small company with a very big price tag.

Thus, LinkedIn, which is profitable and had $100 million in revenues this year, is on its own with a nice new bag of cash to help it get along.

Here’s my interview with Nye from late last year:

In a much-expected financing, LinkedIn has joined the big funding club (Slide, Spot Runner) of late, by raising $53 million at a startling $1 billion valuation.

Why go public when you can just pretend?

Actually, unlike a lot of Web 2.0 start-ups, the professional networking site, which had 23 million active monthly members in June, has been profitable since 2006.

According to execs, it has revenues of about $100 million a year, from premium subscriptions and job listings, as well was advertising and corporate sales.

The new slug of cash comes from new investor Bain Capital Ventures, along with existing investors Sequoia Capital, Greylock Partners, and Bessemer Ventures.

LinkedIn had previously raised $27 million for a total of $80 million. Yipes!

“This additional funding will give us even more flexibility to execute on our vision for millions of professionals to increase their effectiveness by using LinkedIn to build relationships and exchange knowledge, opportunities and advice,” wrote LinkedIn CEO Dan Nye (pictured here) in a blog post tonight.

In an interview with LinkedIn’s founding CEO and Chairman Reid Hoffman (pictured here) today, he told BoomTown that the money raised would be used for corporate development and acquisitions.

“We’ll be doing small technology acquisitions to improve our service,” said Hoffman. He also noted that it was unlikely the company would be doing an IPO in the immediate future, which has been bandied about.

“We have no immediate plans” for a public offering, said Hoffman. “We still have a lot of ground to cover to grow.”

Comparing the the business-oriented LinkedIn professional network with hot social networks like Facebook, Hoffman noted: “They have page views and time on the site and are looking for a scalable economic model and we have an economic model and will focus on growing usage.”

LinkedIn certainly has been growing its coffers. It raised $5.2 million in its first round, $10 million in its second and $12.8 million in its third.

Here is a video of LinkedIn’s investors trying mightily to play down the $1 billion valuation, while also pumping it up.

You gotta love the cheerleading of Greylock’s David Sze, Bessemer’s David Cowan and Mark Kvamme of Sequoia, along with new investor Jeffrey Glass of Bain (who will join LinkedIn’s board as an observer):

Since I posted an interview with Social Gaming Network’s Shervin Pishevar today on the announcement of his $15 million funding, it seems only sporting to post this lively video interview I also did with his main competitor, Mark Pincus of Zynga, recently too.

Zynga, named after Pincus’s dog, is one of the two main social-gaming networks that are competing for audience by offering highly interactive games of all kinds. Its aim is to be more engaging and create a series of addictive games that users will return to again and again.

Pincus, who also founded the Tribe social-networking site, is a longtime entrepreneur. I met him way back when as a reporter at the Washington Post when he and Sunil Paul launched one of the few start-ups–Freeloader–in the D.C. area.

And I can report that Pincus is as jumpy and energetic today as he was 15 years ago.

He has certainly been busy lining up a spate of fancy investors, garnering $10 million in funding in January, including from: Union Square Ventures, Foundry Group, Avalon Ventures, Pilot Group, along with personal investments from Silicon Valley players Reid Hoffman and Peter Thiel.

Zynga, which is larger than rival SGN, claims 2.3 million total daily active users across Facebook, with its Texas Hold’em game being the largest it offers. Other games include Sea Wars, Blackjack, Attack! and Scramble.

As I said in my SGN post, while BoomTown often makes fun of viral apps, most of which are faddish and juvenile, the better-made gaming apps actually are likely to be a real business over time, as long they remain engaging and fun to play as the classic real-life games are.

Zynga plans on making money through ads, including creating its own ad network for other gamers, as well as via the sale of virtual goods and premium offerings.

Here’s a chat with Pincus at Zynga’s offices (Pincus owns the building, by the way, which also houses a bunch of other Web 2.0 start-ups) in San Francisco: