VC's back teams not ideas. Jeff Taylor is an executor - he doesn't need the money, but its enough to show anyone else in the space who's boss (or the monster). Having money in the bank while funds are still frothy just means they won't struggle in the future. He probably got a valuation he can't match and they are probably looking at monetising their audience in "offline ways" which may up the burn rate a tad. That said i'd back jeff taylor too. Good luck to them :)
What are they possibly going to do with $22 mil, after all how much technology, people do you need for a social networking co.?
Perhaps they plan on hiring full time content creators and community coordinators.
Hopefully once you get to be in your 70s you're no submitting new content eight hours a day just for the karma to alleviate your status anxiety. Hopefully.
I wonder if that choice of the word "staggering" is an accident.