Xiaonei, the Facebook of China, raises $430M — better funded than Facebook
updated three times
Xiaonei, the company that likes to call itself the “Facebook of China” has raised a whopping $430 million from financial backers, VentureBeat has learned from the company’s investors.
The backing gives it a larger financial warchest than Facebook itself, and sets the scene for a showdown with the American company. Facebook has just started to get serious about entering the huge, fast-growing Chinese market.
The backing of Xiaonei could be a statement that the company… Continue Reading
Levinsohn to merge firm with Silicon Valley’s ComVentures
Ross Levinsohn, the former News Corp. deal-maker who led the acquisition of MySpace, has merged his firm with a controversial Silicon Valley firm to focus on media investments.
We first reported rumors that Levinsohn would team up with the ComVentures in October, and this evening Levinsohn confirmed that news. The merger will be called Velocity Interactive Group.
Levinsohn left News Corp. earlier this year to launch a new firm, Velocity, and his stated goal at the time… Continue Reading
Levinsohn and Miller form Internet roll-up fund
Ross Levinsohn (left), the former News Corp. exec who masterminded the early acquisition of popular social networking company MySpace, has formed a new firm that will invest in Internet businesses.
Levinsohn is reportedly being joined by Jonathan Miller (below), former chief executive of America Online.
It is called Velocity Investment Group, according to the WSJ, and sounds very much like the plan Levinsohn was rumored to be making last November. According to that rumor, he was caught… Continue Reading
Comcast acquires Fandango, the online movie ticket company
Comcast has agreed to acquire Fandango, the LA, Calif. online movie ticket company.
The deal amount was undisclosed.
Fandango raised around $61 million in funding from investors including Accretive Technology Partners, Cinemark, General Atlantic, Lowes and Technology Crossover Ventures.
See Adweek story here.
General Atlantic to buy stake in AKQA, an interactive marketing co., for about $200M?
General Atlantic, a private equity firm, has agreed to acquire a majority stake in AKQA, a San Francisco interactive marketing company, from Francisco Partners.
News reports have quoted an asking price of between $200 and $250 million, though details were not released.
More here at the WSJ (sub required).
Outsourcing company, ServiceSource, raises $66m
ServiceSource, a San Francisco outsourcing provider focused on support and maintenance revenue for hardware, software and healthcare companies, has raised $66 million in capital from General Atlantic LLC.
ServiceSource said it assists companies such as Sun Microsystems, AT&T, Hitachi Data Systems, and CA.
(Originally posted 1/30)