China recruitment site Lagou raises $34m
Lagou.com, a Chinese job-seeking platform, has raised RMB220 million ($34 million) in a Series C round of funding led by domestic investor Hongdao Capital.
Qiming Venture Partners and Rongchao Capital also participated in the round.
Founded in 2013, Lagou specializes in connecting internet and technology job-seekers with employers. It currently has more than 110,000 corporate users and six million registered individual users. The company began monetization efforts last June and recorded revenue of RMB70 million for the six months ended December 2015. It expects to generate RMB200 million for 2016 as a whole.
According to AVCJ Research, Decent Ventures and ZhenFund provided angel funding for Lagou in 2013. In April of last year, Bertelsmann Asia Investments (BAI) invested $5 million in a Series A round, while Qiming led a $25 million Series B round in August.
The new capital will be used to develop new products and improve technology. The company told local media that it is planning for a domestic IPO.
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