Update: Vivame Completes Second-Round Funding
Sohu IT, 11/05/12
Beijing-based mobile new media platform technology and operating services provider Vivame Technology today announced it has completed a new round of funding, with internet services and security software provider Qihoo 360 (NYSE: QIHU) becoming a strategic investor, and Qihoo 360 CEO Zhou Hongyi becoming a board member. Existing investors Highland Capital and French VC firm Ventech also participated in the round, which was completed in Q3 2012. Although none of the parties would reveal specific investment figures or stakes, the funding was based on a valuation over RMB 100 mln.
Vivame founder Han Ying said the funds would primarily be used to improve the company's flagship product, "Viva Mobile Magazine." Han added that some other internet tycoons had expressed interest in investing in Vivame, but Han ultimately chose Qihoo 360 owing to Qihoo's vast user base and channel resources.
Vivame and Qihoo 360 previously formed a partnership under which Qihoo 360 drove over 1 mln users to Vivame each month. Vivame is currently partnered with over 300 mainstream magazines, with over 14 mln monthly active users reading more than 120 mln mobile magazines each month. The Viva mobile application is available for iOS, Android, and Windows Phone devices.
Editor's Note: For more background on this topic, please see "Rumor: Qihoo 360 Invests in Mobile New Media Firm" MD 11/01/12 issue.
Keywords: Han Ying Zhou Hongyi funding valuation wireless VC Highland Capital strategic investor Ventech Qihoo 360 Vivame QIHU
Sending
