Cisco

Auto Added by WPeMatico

LinkedIn’s China rival Maimai raises $200M ahead of planned US IPO

Editor’s note: This post originally appeared on TechNode, an editorial partner of TechCrunch based in China.

Maimai, China’s biggest rival to LinkedIn, has revealed today that it received a $200 million D Series investment back in April in what the company claims to be the largest investment in the professional networking market. That’s surprising but correct: LinkedIn went public in 2011 and was bought by Microsoft for $26 million in 2016, but it raised just over $150 million from investors as a private company.

Global venture capital DST led the round for Maimai which include participation from existing investors of IDG, Morningside Venture Capital, and DCM.

The new capital takes Maimai to $300 million raised from investors, according to CrunchbaseCaixin reports that the valuation of the company is more than $1 billion which would see the firm enter the global unicorn club.

Beyond the fundraising, the firm said it plans to invest RMB 1 billion (around $150 million) over the next three years in a career planning program that it launched in partnership with over 1,000 companies. Those partners include global top-500 firm Cisco and Chinese companies such as Fashion Group and Focus Media.

This investment could be the last time Maimai taps the private market for cash. That’s because the company is gearing up for a U.S. IPO and overseas expansion in the second half of 2019, according to the company founder and CEO Lin Fan.

Launched in the fall of 2013, Maimai aims particularly at business people as a platform to connect professional workers and offer employment opportunities. The service now claims over 50 million users. As a Chinese counterpart of LinkedIn, Maimai has competed head-on with Chinese arm of the U.S. professional networking giant since its establishment and gradually gained an upper hand with features tailored to local tastes.

maimai

It can be hard to gauge the population of social networks, but Chinese market research firm iResearch ranked Maimai ahead of LinkedIn for the first time in the rankings of China’s most popular social networking apps in April last year. The firm further gained ground this year as its user penetration rate reaching 83.8 percent in June, far higher than LinkedIn China’s 11.8 percent, according to data from research institute Analysys.

As a China-born company, Maimai gained momentum over the past two years with localized features, such as anonymous chat, mobile-first design, real-name registration, and partnerships with Chinese corporations. But like all Chinese tech services, it is subject to the state’s tight online regulation. The government watchdog has ordered Maimai to remove the anonymous posting section on its platform last month. The same issue applies to LinkedIn, which has been criticized for allowing its Chinese censorship to spill over and impact global users.

With assistance from Jon Russell

VCs determined to replace your job keep AI’s funding surge rolling in Q2

 These are good times for AI entrepreneurs. Venture, corporate and seed investors have put an estimated $3.6 billion into AI and machine learning companies this year, according to Crunchbase data. That’s more than they invested in all of 2016, marking the largest recorded sum ever put into the space in a comparable period. Read More

Powered by WPeMatico

A year after Jasper acquisition Cisco expands the platform

cisco Just over a year ago Cisco bought Jasper Technologies for $1.4 billion, and with that transaction, created the company’s IoT cloud business. This week, Cisco is making a series of announcements at Mobile World Congress related to expanding the platform. When a startup like Jasper gets acquired by a big company like Cisco, the standard line of reasoning goes something like this:… Read More

Powered by WPeMatico

Crunch Report | AppDynamics Acquired for $3.7 Billion

Cisco acquires AppDynamics for $3.7 billion, Facebook launches a Snapchat story clone in its app in Ireland, Amazon owns more of its shipping logistics, Apple isnt giving up on India, and Apple hires Dropcam co-founder Greg Duffy. All this on Crunch Report. Read More

Powered by WPeMatico

Why the $3.7 billion AppDynamics acquisition happened right before IPO

appdynamics Applications management company AppDynamics was just wrapping up the final touches on its initial public offering when it learned that Cisco was interested in discussing a potential deal. Preliminary talks were abandoned in November, but the discussion just picked up again last week. The deal was announced today and the IPO was slated to price tomorrow. Although many companies seek… Read More

Powered by WPeMatico

Cisco snaps up AppDynamics for $3.7B right before its IPO

SAN JOSE, CA - AUGUST 10:  A sign is posted in front of the Cisco Systems headquarters on August 10, 2011 in San Jose, California.  Cisco Systems reported better-than-expected fourth quarter revenues with a 3.3 percent rise to $11.2 billion as the company continues to scale down its business. (Photo by Justin Sullivan/Getty Images) Cisco said today that it would acquire AppDynamics, which helps companies monitor application performance, for a whopping $3.7 billion. And now, it would seem that AppDynamics’ long-awaited IPO (this week!) has been called off in favor of a giant acquisition. It isn’t Cisco’s first major acquisition in recent memory — in fact, the company has been quite active —… Read More

Powered by WPeMatico