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Insider: SNS Kaixin001 to Raise $20M
Three venture capital firms, including existing investor Northern Light Venture Capital (NLVC) and Ceyuan Ventures, have agreed to invest in Beijing-based social networking site Kaixin001.com as part of second-round funding that could total $20 million, reports qq.com quoting an unnamed insider. The insider said Kaixin001.com valued itself at around $100 million and attracted 17 firms to the fundraising, which is nearing the end of negotiations and the start of due diligence.
NLVC Founding Managing Director Feng Deng said his firm is helping Kaixin001.com to raise funds but could not disclose further details, according to another qq.com report. Ceyuan said they were unaware of the news, the report said. NLVC Partner John Wu said last September that his firm planned to invest $4-5 million in Kaixin001.com. The company completed investment in the social networking site in 2008.
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