Can MyYearbook Take on Facebook?

As if there weren’t already enough social networks, MyYearbook has been showing spectacular growth, growing over 384 percent year-over-year according to the most recent Hitwise data. MyYearbook targets high school students. Next we’ll be hearing about the elementary school social network experiencing spectacular growth.

Eric Eldon has posted the rumor that MyYearbook is working on raising a large round of capital. This wouldn’t be surprising given there growth over the past year. They still have a long way to go, commanding less than 1.5 percent of the social network market currently. It’s a great start though and at this pace, the company may be able to secure a fairly sizable chunk of the market.

While I’m not sure if college students will continue logging in once they graduate, the company will at least have a large piece of the high school market. Then again Facebook and MySpace have both done a great job on that portion of the market. Apparently there’s still space for one more though.