Chinese Social Net 51.com Secures $10 Million In Second Round
By David Kaplan - Thu 10 May 2007 05:15 PM PST
Chinese social net and blog portal 51.com has closed a $10 million second round funding, Reuters reported. Intel Capital and Redpoint Ventures participated, as did previous backers Sequoia Capital China and SIG. As we previously reported, last year, Sequoia helped 51.com raise $12 million in two separate rounds. Sequoia also owns at least 10 percent of the company. Alan Pang, 51.com’s chairman, said that the capital raised this time would be used for expanding system capacity, improving service and enlarging markets. Reuters also reported that 51.com is planning on issuing an IPO and listing its shares on Nasdaq. Other details available in the release.
Posted in: Countries, Asia, China, Social Media, VC+M&A
