20 Oct 2010 10:01

Ushi.cn clinches $1.51 mln in first-round funding

Shanghai. October 20. INTERFAX-CHINA - Ushi.cn, a domestic business social networking service (BSNS) provider, has secured first round financing of RMB 10 million ($1.51 million) from a consortium of investors, the company announced Oct. 19.

According to the announcement, the investors are Milestone Capital, Richmond Investment, Li Feng Investment and Simon Murray Co. (SMC). No further details of the deal were disclosed.

Ushi will use the capital to construct a Web platform, fund a marketing campaign and recruit qualified staff, Zhang Yue, the company's co-founder and product director, told Interfax on Oct. 20.

Ushi launched its Chinese-language Web site in February 2010, followed by an English-language site and a mobile version in March. It currently has more than 60,000 members.

BSNSs are business-orientated social networking services (SNS).

- LX