Good news for all you entrepreneurs who are developing social networking apps. Despite last week's news that the VC funding for such companies is waning, Living Social has bucked the trend. The start-up, which was originally a Facebook developer, has launched a new site that lets users organize their interests and share them with friends across multiple social networks. They raised $5 million in first round funding this week, which included a personal investment from a Steve Case, co-founder of AOL.

While that's pocket change compared to what some Web 2.0 start-ups are scoring, it's not bad, considering the site's primary goal is simply to help users organize and review books, movies, music, video games, restaurants, and, inexplicably, beer. Users can then share their reviews with friends who are looking for recommendations. It's basically a neat little procrastination tool.

Living Social isn't without challenges though, which is where this new infusion of cash could come into play. TechCrunch says that its apps like socialreel (for film) and brewsocial (for beer) haven't done all that well on Facebook. In that case, perhaps the $5 mill in funding they just scored is best spent on marketing. Stay tuned.