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Qiming Venture Invests in Kid's Community 51mole
Qiming Venture Partners has invested $5 million in 51mole.com, a virtual community for children operated by Shanghai-based company TaoMee, Sina reported June 16. Wang Haibing, TaoMee founder and former chief of Tencent's (700.HK) virtual pet application "QQ Pet," said the funding will be used to strengthen the site's workforce and develop products that promote healthy Internet use among children.
According to a source close to the site, 51mole.com went online last May and currently has 30 million registered users and 10 million active users. The company's revenue sources include monthly virtual item packages and game-related toys, books and clothes, and it may extend to in-game advertising in future, said Wang.
Wang left Tencent in October 2007, Sohu reported. TaoMee received start-up angel investment of less than RMB 10 million, said the report.
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