Facebook faces battle with Swedish inventor

LONDON — The Swedish count who founded one of the first social networks is back with a new invitationonly site to attract jet-setters and the well-heeled away from Facebook Inc. and LinkedIn.

The BestofAllWorlds site, which starts Aug. 27, will allow users to mingle online with like-minded people, find restaurants and nightlife in city guides and discover who’s attending events such as Art Basel in Miami and England’s Royal Ascot horse racing, said Erik Wachtmeister, whose father was a Swedish ambassador to the U.S.

“Facebook is a monopoly in the social sphere, but it only gives little value,” Wachtmeister said in an interview in London.

Wachtmeister is betting on exclusivity and users wanting more control over their data to attract a wealthy audience that appeals to marketers plying products including yachts, watches, wine and liquor.

The site is being financed with his own money, as well as funds from a member of the Saudi royal family and investors in Europe and the U.S.

BestofAllWorlds will run ad-free for the first month. Money will also be generated from fees from services such as hotel and restaurant bookings, Wachtmeister said.

Wachtmeister was a pioneer of social networking. He founded ASmallWorld in 2004, an invitationonly website that catered to a wealthy crowd where users could meet other world travellers, make business connections and find services such as nannies.

He quit the business in 2009, after selling a significant stake to film producer Harvey Weinstein and failing to reacquire the site with backing from Russian billionaire Mikhail Prokhorov.