China Digest: Douban series C funding rumor, Wei Search and more
Douban, China’s homegrown social network, is rumored to have closed a “third, monster round” of financing for US$50 million . If true, it signals that Douban aims to play in the same league as the big boys. It’s still far behind the largest players (Qzone, Renren, and Pengyou), but probably it’ll continue to rise as Kaixin001 and 51.com declines. Unlike those latter two, Douban is far more than a flash-in-pan social network of games — it’s here to stay.