According to statements to local media by Wu Jiong, an investment partner of Northern Light Venture Capital, the company will invest USD4 million to USD5 million to the Chinese social networking services website, Kaixin001.com.
Wu says that this is only the first investment in Kaixin001.com and by the model of Northern Light, the company may continue to invest in this website.
Referring to the reason for choosing Kaixin001.com, Wu says on one hand, Northern Light is optimistic about the model of Kaixin001.com. On the other hand, the partners of Northern Light believe in the abilities of Cheng Binghao, the founder of Kaixin001.com.
Kaixin001.com is now a popular SNS website that provides games and functions such as fighting for parking spaces, votes and tests. People can earn awards through these games or by inviting their friends to register on the website. Relying on these unique features, the website has gained great popularity, especially among white collar Chinese, since May 2008. In August 2008, the daily IP traffic of Kaixin001.com reached 720,000 and its daily page views were over 30 million, so the company claims.
Founded in 2005, Northern Light Venture Capital is a China concept venture capital firm focused on early and growth stage opportunities in technology-enabled businesses. NLVC targets businesses that leverage China's industrial, economic, or human resources.