OLX Takes Stake in Chinese Classifieds Site Edeng.cn
By Joseph Weisenthal - Thu 06 Dec 2007 10:24 AM PST
Free classifieds site OLX has made a strategic investment in Edeng.cn, a Chinese free classifieds site. Edeng will use the funding to fuel growth and develop the product. The move expands the reach of OLX, which last year acquired Mundoanuncio.com, a Craigslist-like classifieds site targeting the Hispanic market. NYC and Buenos Aires-based OLX has similarities to both Craigslist and eBay. The company has attempted to tie itself into social networking, having announced deals with both Fotolog and Friendster. Founder Fabrice Grinda was previously at mobile content firm Zingy, which he founded. Terms of the investment were not disclosed. Release.
Posted in: Classifieds, Countries, Asia, China, Social Media, VC+M&A
