Subscribe51.com Secured Second Round Funding
51.com, a popular social networking sites in China, has just closed its $10 million second round funding from Intel Capital, Redpoint and its existing investor Sequoia China and SIG. Some reports also said the amount of funding is $12 million.
51.com was founded in August 2005 by Pang Shengdong, Sequoia China and SIG invested in $4 million and $2 million in May 2006 and August 2006 respectively.
The press release claimed 51.com to be the largest blog community in China, but I think it is more like a Myspace in China, since it is mainly targeted to users for social networking. What makes 51.com distinguished from other competitors in China? Besides its claimed 60 million registered users, 51.com has built its business model based on premium services. Its major competitors include Q-zone by Tencent and Myspace.cn. On the other hand, it is also worthy of noting that 51.com doesn’t have a good reputation among Chinese IT bloggers.
After this funding, 51.com said it plans to go public in Nasdaq after three years.
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