We don't see many fundings in the online photo space anymore, but this one at least has something of a business model… Picateers, which does online photo sharing for school fundraisers, has raised a $6.6 million second round from backers including Norwest Venture Partners, according to peHUB, citing a regulatory filing. The company raised $5.5 million in 2006, for a total raise of $12.1 million. The basic idea: rather than hiring a company to come in and take pictures of kids, that are then sold back to parents, the school and the parents can do it themselves, while setting up an online shop. A key to the pitch is that 50 percent of the proceeds go back to the school.

Social Media Deals Report: This 199-page report, filled with charts and data, examines the categories, number and size of VC and M&A deal in social media from 2007 through 2008. Visit the ContentNext Reports page