Qinbaobao, a China-based social platform for parents’ media content, has secured an eight-figure dollar sum in a series B round led by conglomerate Fosun Group, according to China Money Network.
The round also featured venture capital firm Shunwei Capital, which reportedly participated as an existing investor, though no precise details of its earlier investment have been disclosed.
Founded in 2013, Qinbaobao runs a social platform where parents can upload and share photos and videos of their babies. The service, which has a reported 20 million users, also provides advice on childcare.
The funding will go to strengthening Qinbaobao’s core product, expanding its marketing as it seeks to grow its user base, and exploring monetisation. Fosun also led a $450m round for childcare e-commerce platform Babytree in July 2016 that was only disclosed in November.