Ello, the ad-free social network dubbed a 'Facebook killer' after its huge initial popularity, has raised $5.5m in funding.

The site shot to popularity earlier this month, with over 40,000 people signing up every hour at its peak.

It's founders say the money will allow them to expand - but pledged to remain ad free.

'There has been some speculation in the press since our launch eleven weeks ago that Ello will someday be forced to allow paid advertising on its network.

'We understand some of this cynicism: with the Internet turning into one giant billboard, and with virtually all social networks relying on advertising to support themselves, it can be hard to imagine that there can be a better way.

'But 2014 is not 2004, and the world has changed. 

'Ello’s explosive growth over the last few months proves that there is a hunger to connect with friends and see beautiful things — without being manipulated by ad salesmen, boosted posts, and computer algorithms that don’t always have our best interests at heart.' 

Investors have pledged $5.5m (£3.4m).

'We’ll either build a business that doesn’t rely on third party advertising or the selling of user data or we won’t build a business,' said Seth Levine of Foundry Group, one of the firms backing Ello. 

'Our belief is that there are products and features that Ello can develop that users will be willing to pay for. 

'While the price points may be low, as part of a much larger ecosystem with millions of users, will provide an economic model for the company which supports the business and our investment.'

(dailymail.co.uk)

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