hi5 , a social network with an important presence in Latin America is expected to receive a new round of funding, Venturebeat reports. hi5 has over 60 million members.

In December, hi5 brought on a new president, gaming industry veteran, Alex St. John, to help lead the social network’s efforts. Earlier in the year, the company suffered from layoffs and also hired a new CEO, Bill Gossman.

Hi5, has been actively remodeling its site to cater to the gaming industry, says this funding is part of a larger Series B round. Another undisclosed investor will be leading the round. The company just bought gaming startup Big Six. Last fall, the social network launched a totally revamped site that places a much stronger emphasis on games and virtual currency.

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