IDG, Morningside in $20m Series B funding for China networking app


china and india mapIDG Capital Partners and Morningside Technologies have reportedly laid down $20m in a Series B funding for Chinese social networking app Maimai.

Venture capital firm Morningside previously committed $5m in a Series A funding last year, according to local media reports.

Maimai provides a platform for professionals to develop business contacts within their working fields in a similar way to LinkedIn. The company says it has more than 800,000 registered users.

The majority of the latest injection of cash will go towards marketing said Maimai.

The value of the company is now at $100m according to Maimai founder Fan Lin speaking to local media.

China-focused IDG launched its fourth fund in June this year with a target of $550m.

Earlier this week the firm joined Lightspeed Venture Partners and Sequoia Capital to back a $12m Series A financing round for customer data analytics business Everstring.

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