UCWeb Receives Funding from Nokia Growth Partners

Sina Tech, 3/30/10

Guangzhou-based UC Mobile (also known as Guangzhou Ucfly Company), maker of the UCWeb mobile browser, has announced it has completed a strategic financing agreement with Nokia Growth Partners, along with GGV Capital, though no party would reveal the size of the investment. UC CEO Yu Yongfu said the deal is largest mobile Internet investment yet, and UC's estimated value now reaches several hundred million USD. The funds will be used for product R&D and recruitment.

UC previously received RMB 4 mln in angel investment from Lei Jun, former CEO of software developer and online game developer and operator Kingsoft (3888.HK), and other investors. In 2007 UC received USD 10 mln from Ceyuan Ventures and Morningstar, followed by strategic investment from Alibaba Group in 2009.

According to Yu, UC's mobile web browser was downloaded over 300 mln times as of the end of 2009.

Keywords: Morningstar Lei Jun funding wireless Alibaba mobile browser Ucfly UCWEB Ceyuan Ventures Nokia Growth Partners GGV Capital Yu Yongfu

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