Home / Tech News & Announcements old / LinkedIn’s China rival Maimai raises $200M ahead of planned US IPO

LinkedIn’s China rival Maimai raises $200M ahead of planned US IPO

Editor’s note: This post originally appeared on TechNode , an editorial partner of TechCrunch based in China. Maimai , China’s biggest rival to LinkedIn, has revealed today that it received a $200 million D Series investment back in April in what the company claims to be the largest investment in the professional networking market. That’s surprising but correct: LinkedIn went public in 2011 and was bought by Microsoft for $26 million in 2016 , but it raised just over $150 million from investors as a private company. Global venture capital DST led the round for Maimai which include participation from existing investors of IDG, Morningside Venture Capital, and DCM. The new capital takes Maimai to $300 million raised from investors, according to Crunchbase .  Caixin reports that the valuation of the company is more than $1 billion which would see the firm enter the global unicorn club. Beyond the fundraising, the firm said it plans to invest RMB 1 billion (around $150 million) over the next three years in a career planning program that it launched in partnership with over 1,000 companies. Those partners include global top-500 firm Cisco and Chinese companies such as Fashion Group and Focus Media. This investment could be the last time Maimai taps the private market for cash. That’s because the company is gearing up for a U.S. IPO and overseas expansion in the second half of 2019, according to the company founder and CEO Lin Fan. Launched in the fall of 2013, Maimai aims particularly at business people as a platform to connect professional workers and offer employment opportunities. The service now claims over 50 million users. As a Chinese counterpart of LinkedIn, Maimai has competed head-on with Chinese arm of the U.S

Continue reading here:
LinkedIn’s China rival Maimai raises $200M ahead of planned US IPO

About kanmg

Check Also

Mario Armstrong Holiday Gifts - OtterBox

Mario Armstrong Holiday Gifts – OtterBox

**Sponsored Content** Digital Lifestyle Expert, Mario Armstrong, partnered with OtterBox to share the perfect gift …

Leave a Reply

Your email address will not be published. Required fields are marked *