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SNS Site Kaixin001 On Revenue, Funding
Beijing-based social networking service site Kaixin001.com has recorded average monthly ad revenue of RMB 7 million but is not yet profitable, reports Sina quoting site CEO Cheng Binghao in an interview with Taiwan's Business Weekly. Kaixin001.com has received a total of $23 million in two rounds of funding and grown from six employees when founded to 80, Cheng said.
The site revealed in late October that it had recorded RMB 34.48 million in advertising revenues and 53.45 million registered users by September 16. Northern Light Venture Capital confirmed in September 2008 that it planned to invest between $4 million and $5 million in Kaixin001.com, while rumors in April said the site had completed second-round funding from NLVC and Qiming Venture Partners.
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