Beijing-based social networking site Kaixin001.com plans to announce new second-round funding at the end of March, reports Sohu quoting an unnamed insider from investment bank and Kaixin001.com financial consultant China Renaissance.
An unnamed insider said in early March that three venture capital firms, including existing investor Northern Light Venture Capital (NLVC) and Ceyuan Ventures, had agreed to invest in the site as part of second-round funding that could total $20 million. NLVC completed investment in Kaixin001.com in 2008; NLVC Partner John Wu said in September of that year that his firm planned to invest $4-5 million in the site.
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