Sina inject happy net joint two strategic investors invested $20 million

yesterday (November 18th) there is news that the current popular SNS (social networking sites) happy network has been obtained earlier from Sina’s strategic investment. Both parties did not deny the news yesterday afternoon on the phone, but refused to disclose more details. According to informed sources, the investment is completed in June of this year. Investors include venture capital Qiming, NLVC and, a total investment of $20 million.


founder Deng Feng confirmed the news yesterday, and at the same time that sina "with the vote", but did not disclose the details of ownership. Sina official said yesterday that sina has been concerned about the field of investment in the field of the Internet, and choose the right time for strategic investment.

"because it is a strategic investment, so it will not have any direct impact on the business." Sina executives said yesterday, of course, does not rule out the possibility of further cooperation under the circumstances."

Kaixin network was founded in February 2008, founder Cheng Binghao is the agent of sina CTO. September 2008, happy net won the first venture capital of $5 million. Since the founding, happy net in the "viral marketing" quickly occupied the white-collar SNS market.

up to now, the most popular in the direction of the domestic SNS two applications were happy network and Sina micro-blog. In foreign countries, this is similar to Facebook and twitter.

dialogue Cheng Binghao: financing details will be announced in a timely manner

yesterday afternoon, happy network founder Cheng Binghao interview with this reporter, admitted that the financing, said the details will be announced at the right time.

reporter: Sina has become one of the second investors before the happy network financing, the news is true?

Cheng Binghao: happy net before the completion of the second financing, the total amount is $20 million. Relevant details will be announced at the right time.

reporter: you have said that the first batch of happy seed network users have a lot of sina, is your old colleagues and old friends, and now you have a closer relationship between the two sides, how do you feel?

Cheng Binghao: there are a lot of friends need to thank the development process, sina is one of them, but this is not directly related to the investment.

reporter: happy network recent changes are relatively large, including the introduction of a number of users to pay for the service, which is for what kind of consideration and financing associated with it?

Cheng Binghao: it’s probably not the right time to say these things, and we’ll have to disclose some information after we’ve got a lawsuit with the thousand oaks. Note: happy network in May sued thousands of oak happy network alleged unfair competition".


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