Blog Post

Chinese Social Net Secures $10 Million In Second Round

Chinese social net and blog portal 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 raise $12 million in two separate rounds. Sequoia also owns at least 10 percent of the company. Alan Pang,’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 is planning on issuing an IPO and listing its shares on Nasdaq. Other details available in the release.