Xiamen Information Technology, a China-based social network operator of Meet You, has closed RMB1bn ($151m) in funding from undisclosed existing investors, China Money Network reported today citing local media reports.
Meet You, backed by investors including technology and trading company Susquehanna Investment Group (SIG), began life as a period tracking app but has evolved into a wider ranging social network for women.
The company, which claims it has 100 million users, generates revenue through advertising and e-commerce. Proceeds from the latest round will go to supporting exits for its US dollar investors, which may or may not include SIG, as Xiamen is disabling its variable interest entity to allow it to float in China.
Xiamen originally favoured an initial public offering in the US but changed plans when it moved into profit in the second quarter of 2016, and will reportedly float in China because of the higher valuations available in China’s A-share market.
SIG led the company’s $35m series C round in mid-2014, which included Matrix Partners China and China Renaissance K2 Ventures, and which China Money Network reports was followed by a series D in December 2015 in the eight-figure dollar range funded by Cathay Capital and Matrix.
K2 provided “several million” dollars in series A funding for Xiamen in 2013, before joining Matrix for a $15m series B in January 2014.