Fosun’s Kinzon Capital leads $10.3m round for US start-up
Kinzon Capital, a Silicon Valley-based VC arm of Chinese conglomerate Fosun International, has led a $10.3 million funding round for Connect, a start-up that helps manage social networking and mobile contacts.
The round also included Marc Benioff, CEO of US cloud computing firm Salesforce, in addition to Launch Fund, Bull City Venture Partners and other angel investors.
Co-founders Ryan Allis and Anima Sarah LaVoy started the company in 2012 and the app was launched in February this year. The app allows users to bring all together their contacts from multiple platforms, such as Facebook, LinkedIn, Instagram and Twitter, onto a single communication platform. The company claims over 2.5 million users in 150 countries are using the app.
Connect has so far raised $13.1 million and it plans to use this latest funding to hire new staffs, develop new products and form business partnerships.
"Connect first caught my eye due to its unique features," Brad Bao, managing director of Kinzon Capital, said in a statement. "Their ability to show and notify users when there is an opportunity to meet up in person with people they know solves a big consumer problem. In addition, I was touched and inspired by the team's vision to leverage technology that enhances human relationships by bringing people together in the real world."
Kinzon Capital was launched early this year, receiving a $100 million investment from its parent company. The firm targets US-based smart phones and mobile internet start-ups that are looking to expand in China.
Prior to joining Fosun, Bao was the head of Tencent US, leading the firm's mobile and social network investments.
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