Germany-headquartered business social networking service OpenBC, soon to change its name to Xing, has raised about Euro 35.7 million, and is now has a market cap of about Euro 157 million, reports AC:Euro. That’s for a three year old company that generated about Euro 6 million in revenues this past year.
It was a partial exit for the firm’s VC backers, who retain a 9 percent stake post-IPO. The company raised one round a year ago in a deal led by Wellington Partners, and including early angel investors (total deal value was Euro 5.7 million).
Related: Germany Social Networking Site OpenBC/Xing Sees IPO Share Listing Dec 7