TongXue.com, a Chinese social networking site, has raised $6 million in VC funding. Backers include Tano Capital.
Tano Capital, LLC, on behalf of Tano China Private Equity Fund I, is pleased to announce its investment of US$ 2.2 million in TongXue.com (“TongXue”), a top Chinese social networking website. Tano China Private Equity Fund I participated with a consortium of venture capital investors in investing US$ 6 million through the purchase of equity interests.
TongXue, whose name means “classmates,” was founded by a Harvard Ph.D. student in 2006 as a community website for Chinese students studying in the U.S. It opened its Beijing office in 2007. It has developed to be one of the top real name social networking websites in China. It currently has more than 10 million registered members.
A TongXue spokesman said that the funds raised will be used primarily for product innovation and brand promotion. The company plans to launch a new core product “Classmate” within the year.
Charles E. Johnson, Managing Director of Tano Capital, said, “The investment by the Tano China Private Equity Fund I is designed to provide expansion capital for TongXue, which is well positioned in the rapidly growing internet oriented social networking space in mainland China.”
Tano Capital, LCC is an alternative asset management firm founded by Charles “Chuck” Johnson (formerly co-President of FranklinTempleton Investments and CEO of Templeton Worldwide), that makes private equity investments into rapidly growing private companies in India and China. Tano Capital currently has offices in Shanghai, Tianjin, Taipei, Mumbai, Mauritius and San Mateo. For more information, please visit our website at www.tanocapital.com.