E-commerce firm JD.com is set to invest $150m in China-based arts and entertainment-focused social media company Douban as part of a strategic partnership agreement, China Money Network reported today.
Founded in 2005, Douban’s social network allows users to post content and reviews related to films, books, music and local events. It launched an attendant e-commerce platform in September this year in conjunction with JD and other online retailers including Alibaba and Amazon.
JD intends to integrate Douban’s user database and social networking platform into its own system, with Douban’s user base helping to drive product sales, according to Chinese media reports.
Douban has so far raised $59m in funding, $50m of which came from a 2011 series C round featuring Bertelsmann Asia Investments, Germany-based media group Bertelsmann’s local corporate venturing unit, and venture capital firms Trust Bridge Partners and Sequoia Capital.
VC firm Ceyuan Ventures had provided $2m in series A funding in 2006, returning to join TrustBridge Partners for a $7m round in 2010.