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Shanghai, China based woman-focused social network I-part has received $3 million in venture funding, from IDT, JAIC and Cyber Agent, reports China Web 2.0. I-part first launched in Aug. 2003 in Taiwan, and in March 2005, with one million USD or so seed funding from Taiwan-based IDT, they launched their Shanghai website. Now they have over 4 million registered users including Taiwan sector.
Their service is monetized by virtual avatar. Their virtual money is called I-coin. It can be exchanged with Chinese Yuan in 1:1 ratio.