Fosun Venture leads Series B round for Kmsocial
Fosun Venture Capital Investment has led a Series B round of funding for Kongming, a Beijing-based social media marketing solutions provider, with participation from previous investor Fidelity Growth Partners Asia. The investment size is about $10 million.
The fresh capital will be used for product development, technological improvements and to expanding the company's customer base, E. Wei, Kongming's company's co-founder and CEO, told local media. "Backed by Fosun Group, Fosun Venture could provide us sufficient capital and resources to develop."
Founded in 2010, Kongming launched its first social media management tool - Kongming Social Manager - in 2011. Former employees from WPP Group unit Agenda Corporation subsequently joined Kongming Shanghai's operation team.
The company has since expanded into new segments, including data analytics, social interactivity tracking, customer relationship management and social advertising. It has more than 30,000 small to-medium-sized enterprise clients as well as individual clients such as Nike, Shanghai Volkswagen, Costa Coffee and the NBA.
"Social media has huge potential in Chinese market, and social media management tool will become a must-have to every company," said Huang Yiqun, executive general manager of Fosun Venture. "Kongming has talents in developing technology and commercialization. They have strong big data technology and user base. We will help accelerate its growth by providing more industry resources."
CVCapital acted as the financial advisor for the transaction.
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