SHANGHAI KINGNET WINS USD15MN INVESTMENT

AsiaInfo Services
02-16-2011
Shanghai Kingnet Wins USD15mn Investment

SHANGHAI, Feb 16, 2011 (SinoCast Daily Business Beat via COMTEX) -- Chinese social game developer Shanghai Kingnet Technology Co., Ltd. announces that it has completed the second round of financing of more than USD 15 million from KPCB China, Matrix Partners and Zero2ipo Capital.

KPCB China participated in the first round of financing kicked off by Shanghai Kingnet. Its partner Tina Ju says that the investment target has experienced rapid growth and won acknowledgement among gamers in the past year.

KPCB China is bullish on the future growth of Shanghai Kingnet and confident in the latter's specialized and dedicated management team and will continue providing international resources and professional service for the marketing and financing of the investment target. Other investors point out that Shanghai Kingnet has global eyesight and social games have become the most popular entertainment among Internet users.

The CEO of Shanghai Kingnet believes that the admittance threshold of social games is rising and the second round of financing will improve the company's competitiveness and bolster up its future growth.

Shanghai Kingnet was founded in 2008. By far, it has become one of the largest third-party social game developers on the open platform of Tencent Holdings Limited (SEHK: 0700), with registered users toping 100 million.

Source: www.163.com (February 16, 2011)

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