Professional Social Network Maimai Secures USD75 Million in C-Round Funding, Eyes 2019 IPO
Zhang Xia
DATE:  Nov 16 2017
/ SOURCE:  Yicai
Professional Social Network Maimai Secures USD75 Million in C-Round Funding, Eyes 2019 IPO Professional Social Network Maimai Secures USD75 Million in C-Round Funding, Eyes 2019 IPO

(Yicai Global) Nov. 16 -- Chinese professional social networking app Maimai, run by Beijing Taoyou Tianxia Technology Development Co., has bagged USD75 million in C-round financing as it prepares to list in 2019 with a value of USD10 billion, Securities Times reported yesterday.

DCM Ventures led the round with support from IDG Capital and Morningside Venture Capital. Maimai also brought in leading Chinese professional development platform Zhaopin Ltd. [NYSE:ZPIN] as a strategic investor.

Maimai received CNY20 million (USD3.01 million) in B-round funding in 2014, also led by IDG Capital and backed by Morningside Venture Capital. After its B-round, the platform was worth USD100 million, but it hasn't disclosed its latest valuation with the new funds.

The social media network's monthly active user count and income all increased five-fold this year, and it expects to see revenue triple next year. It has acquired more than 30 million users since its opening in October 2013.

The C-round funds will be used to develop the market and improve Maimai's services, said founder Lin Fan. The platform hopes that Zhaopin, with its 140 million users and 5000-strong offline workforce, will complement Maimai and improve user experience.

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Keywords:   Maimai,IPO,Zhaopin,Social Media,Social Networking