Mu Yan, vice president of Chinese online matchmaking site Baihe.com, has revealed that the company obtained eight-digit USD funding earlier this month at an amount close to that reached by competitor Jiayuan.com at the time of its IPO. Mu declined to quote an exact figure, but did reveal that the funding originated in mainland China. Mu added that Baihe plans to list some time next year, most likely on a domestic market. Mu explained the preference for a domestic IPO by pointing out that the site's services are targeted at mainland China, and that a domestic IPO would mean free promotion for the company's brand. In October 2005, Baihe lands USD 2 mln Series A from GSR Ventures and raised USD 9 mln Series B funding from GSR Ventures Northern Light Venture Capital in March 2006.
Mu said that 70% of the company's revenue comes from online operations, and the remainder is derived from offline businesses such as wedding consulting and planning services. Baihe projects revenues will reach RMB 300 mln this year.
Mu revealed that Baihe's focus this year is in raising the company's profile, improving service quality and in market expansion. Baihe currently operates service centers in 8 cities across China, but expects to raise that number to 20 cities before the end of the year as well as to expand to a workforce of nearly 600 employees.