The technology venture trade press has reported that tens of millions of dollars have been secured in a series B round of funding for China social media marketing firm Kmsocial that was led by Fosun Group’s corporate venturing unit, Fosun Venture Capital Investment. Series A investor Fidelity Growth Partners Asia also took part.
Funding will be allocated to R&D costs related to product development, and to building staff numbers. Kmsocial claims it has close to 1,600 companies using its services.
Kmsocial has attracted big name brands such as Microsoft, Starbucks and Bentley to its client base since it first set up back in 2010. The company’s core product is Kongming Social Management Platform, which offers services such as social media monitoring, CRM, social network ads and data analysis, among others.
The firm also helps users to develop a low-budget custom WeiboApp, WeiboApps being third-party apps based on the Weibo platform covering entertainment, lifestyle and information.