Owners of Mop.com Raise $48million
In its second round of of venture capital fundraising, Beijing based Oak Pacific Interactive raised $48 million. Offering web2.0 services from content distribution, internet TV, music downloading, to online portals for China, they have 22 million users. One of their many sites, MOP.com (the equivalent of a Chinese MySpace), is in the top-five most popular Chinese sites. What is interesting about Oak Pacific Interactive is that most of the their revenue is based on online advertising. Whereas as most Chinese web portals, like Tencent, rely on revenue from internet-crossover wireless services.
When investors were in the the Bay Area-Ca-US this past winter, they met with some of my friends who run start-up tech companies. I heard that the guys who started this are quite confident in taking over the Chinese internetscape. I guess with $48 million I would be too.
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