China-based social media marketing company IMS New Media Group has secured RMB600m ($90m) in series C capital from investors including social media platform Sina Weibo, China Money Network reported yesterday.
The round included financial services firms Morgan Stanley, China Merchants Bank and CSC Financial as well as private equity firm SAIF Partners. IMS is now valued at about $1.5bn.
Founded in 2009, IMS offers social media marketing tools that rely on big data, such as its Weiq platform, which connects small to medium-sized enterprises with individual users. The company claims it serves some 400 clients including e-commerce companies Alibaba and JD.com.
Wang Gaofei, chief executive of Sina Weibo, which operates as a spinout of internet company Sina, will join IMS New Media’s board of directors in conjunction with the round.
IMS previously received $12m in a 2013 series B round backed by Sina Weibo, SAIF Partners and Jafco Asia, following $4m in series A funding supplied by Sina Weibo and Saif Partners in 2010.