Northern Light VC to invest US$4-5 mln to Kaixin001.com

Sep. 22, 2008 (China Knowledge) - Northern Light Venture Capital (NLVC), one of China's concept venture capital firms, will invest US$4 million to US$5 million to Kaixin001.com, the Chinese social networking services website, according to Wu Jiong, an investment partner of Northern Light Venture Capital.

Wu said that according to the investment model of NLVC, the company will continue to invest in Kaixin001.com after the first investment. He also indicated that NLVC is optimistic about the model of Kaixin001.com and believe in the abilities of Cheng Binghao, the founder of Kaixin001.com.

Kaixin001.com is now a popular social networking site (SNS), which provides games and other unique social functions such as trading, votes and test. In August 2008, the daily IP traffic of Kaixin001.com reached 720,000 and its daily page views were over 30 million.

Northern Light Venture Capital was founded in 2005, which focused on early and growth stage opportunities in technology enabled businesses.