Receives USD 5 Million in Funding from Koolanoo Group
(BEIJING, 27 Dec, 2007) – leading social network site for teens, and one of the fastest growing website’s in China’s internet sector,
, www.360Quan.com announced today that they have secured a second round of investment capital totaling USD 5 million from Koolanoo Group—the boutique Chinese Internet investment firm held by Internet maverick & tycoon O.D. Kobo. The investment will be used to accelerate the company’s already rapid development, allowing it to add personnel, enhance existing technologies and launch the much anticipated customized Mail & browser services. With this support, 360Quan.com will open a new chapter in its already impressive history.
“Koolanoo Group and 360Quan.com have successfully worked together in the past and will contribute to each other’s future growth,” said Mrs. Dong Binghui, Director of 360Quan.com. “These funds will help us reach our goals for 2008 and allow us to continue providing our users with new features and unique social services”.
Since its founding less than one year ago, 360Quan.com has been a ‘local phenomenon’ – legendary success story in China’s Internet community. Today, more than 22 million people use 360Quan.com every month, making 360Quan.com one of the fastest-ever growing social networking sites (SNS) in China. “We are making history every day,” said Dong. “For 10 months we’ve been climbing the list of China’s top 10 SNS communities. We expect to top that list this coming year .”
Recently, 360Quan.com has been adding an array of new features and functions, moving its online offering beyond the traditional SNS. 360Quan.com General Manager- China Mr. Chen Qi remarked, “We are proud to be bringing our users new features and products, like 360Qmail, which will be coming very soon. We are driving an experience revolution by providing our users something truly different and cool.”
360Quan.com has built its reputation by engaging China’s teenage Internet community with the most complete range of communications tools for web surfers to use to express themselves. With more widgets, more features, , more mobile friendly activities and more content, the web site provides unparalleled opportunities for teenagers to make friends and customize their social networking experience. “At our core, we are just a bunch of Internet ‘junkies’ that believe in the future of the Chinese Internet,” said Chen. “Our goal is clear and simple: to create the best social network for ourselves, our friends, and the whole Chinese community.”
With a significant focus on Chinese new media ventures, Koolanoo Group has successfully realized its investment target of USD 20 million by Q1 2008 announced inJuly . This move consolidates Koolanoo Group’s position as a leading, strategic investor in China’s Internet market. “360Quan.com’s success confirmed the accuracy of our vision. With ample investment capital, I can confidently say that we are participating in the Chinese internet with our vision and raw energy,” said Mr. O.D. Kobo, Koolanoo Group Chairman and CEO. “China is the single most important and exciting online market in the world today. Koolanoo Group hopes to emulate the future of online in China: aggressive, fresh, ambitious and determined.”