Rumor: Five Minutes Obtains Funding for SNS Development

Netease Tech, 8/18/09

Industry insiders have reported that Five Minutes, the developer behind SNS game Happy Farm, has received between USD 10-20 mln in funding. The investors are said to be DFJ DragonFund and Ceyuan Ventures. The funds are expected to be used to further research and development efforts, bankroll acquisitions within the industry, and to establish a new kind of interactive SNS website based on the Happy Farm game.

Five Minutes CEO Gao Shaofei denied the rumors, but a senior executive at a major SNS website confirmed the news, saying that Five Minutes is actively recruiting management talent.

Happy Farm currently runs on well-known websites including Tencent's (0700.HK) Qzone, Xiaonei, Baidu (Nasdaq: BIDU) and Facebook. Five Minutes currently earn millions of RMB in monthly revenues, primarily from the sale of virtual items and SNS advertising.

Keywords: DFJ DragonFund online gaming HR Internet funding SNS Ceyuan Ventures Five Minutes Happy Farm Gao Shaofei revenue

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