China-based online dating platform Baihe.com has raised RMB 1.5bn ($242m) irom investors including mining company Shendga Mining and freshwater farming company Dahu Aquaculture, China Money Network reported earlier today.
Shengda paid approximately $13m for a 5.1% stake, while Dahu invested $4m in return for 1.6%. The rounds other investors have not been disclosed but reportedly include China-based corporate, private equity and brokerage firms.
Spun out of social media network Heiyou in 2005, Baihe operates an online dating platform that matches users with suitable matches for a monthly subscription.
Baihe will use the capital to restructure the company, aiming to meet the requirements for an initial public offering by the end of 2015.
The company previously secured funding from GSR Ventures, Mayfield Fund, New Enterprise Associates and Northern Light Ventures. Financial details about its earlier funding rounds remain undisclosed.