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Xiaonei.com Gains Investment From Softbank
May 5, 2008 |
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Chinese Web 2.0 company Oak Pacific Interactive's Xiaonei.com announced on the cusp of the Chinese May 1 Labor Day holiday that its hard work had paid off in the amount of a US$430 million infusion of capital.
Japan's Softbank led the investment with other companies for approximately 35% of the company.
Xiaonei.com is one of many social networking sites offering multiplayer gaming and wireless value-added services for mobile users. In the college market, Xiaonei.com has a dominating market share. OPI also owns and operates Mop.com, the largest entertainment portal, and Donews.com, one of the leading IT blogging services in China.
Existing investors of Oak Pacific Interactive include General Atlantic, Doll Capital Management, Technology Crossover Ventures, Accel Partners, and Legend Capital.
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Xiaonei.com is the clone version of facebook, but need more localization work done in China. As for now, it seem not that florish at all.