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Shanda's Tuita Seeks First-Round Funding

Sina Tech, 8/18/11

A spokesperson for Tuita.com, Chinese online media provider and online game operator Shanda Interactive's (Nasdaq: SNDA) rich microblogging product, has said that with the parent company's support, Tuita is now in the process of seeking first-round funding. The company is in talks with several potential investors, and is at the same time issuing stock options to all Tuita project team members.

The spokesperson said it is still to early to reveal any details regarding the exact scale of funding being sought, but did point out that American microblogging service Tumblr.com "is already receiving USD 40 mln in funding."

Keywords: Shanda Internet microblogging funding SNDA first-round Tuita stock option

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