Greenwoods leads $20m in China parenting site
Greenwoods Asset Management has led a $20 million Series B round of funding for lmbang.com, a Chinese parenting app focused on female community.
Existing investors Morningside Technologies, Chinese online retailer Vipshop, Matrix Partners and China Renaissance K2 Ventures also participated in the round.
The app, operated by Shenzhen Xinwang Zhichuang Technology, launched in May 2012. It provides a platform for young mothers to share parenting tips, and fashion and shopping information. More than 20 million people have registered with the app, with 2.6 million daily active users.
The new funding will be used to scale up its business. Zai Jin, CEO of the company, told local media that he is exploring other profitable business models rather than e-commerce or online-to-offline (O2O) business.
The capital will also go towards team-building and brand promotion.
Greenwoods manages both renminbi-denominated and US dollar funds. Its latest investments include a $16 million commitment to Taofen8, a Chinese online discount aggregation site.
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