China's Ono gets $16m Series A round
A group of VCs including China Growth Capital have agreed to invest $16 million in Ono, a China-based company that claims to be the creator of the first decentralized social network.
The Series A round also included Korea Investment Partners, Green Pine Capital Partners, INBlockchain, Grand Shores, and Purple Cow, a fund run by Sheng Fu, founder and CEO of Cheetah Mobile. The capital will be used for technology and ecosystem development, as well as an overseas marketing push.
Headquartered in Beijing with offices in the US and Australia, Ono is developing a social network that leverages the cybersecurity advantages of blockchain technology to prioritize the privacy of users. It is positioned as a challenge to the traditional social media networking model, which monetizing user data. A preliminary version of the service has attracted 280,000 within two months.
"We're overwhelmed and grateful for support for Ono by social network users that believe in our vision for a democratic and decentralized social network," Ke Xu, CEO and founder of Ono, said in a statement. "Backed by investors who share our vision, we're confident that Ono will someday be the model for a new generation of social networking, built using blockchain technology, and we're excited to be paving the way to this future."
Last year, Xu founded a company called CryptoDogs, which aimed to be a China-focused equivalent of CryptoKitties, a blockchain-based game backed by a number of US venture capital firms that allows users to buy and trade virtual pets. She also established a social networking app with some 10 million users called Era, which was sold last year to Cheetah for $30 million.
Blockchain initially proliferated in the virtual currency sector as a means of securing digital financial distributions via decentralized databases that are considered highly resistant to hacking. However, the technology is being increasingly integrated into other business models, where data security is a concern.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.