91Waijiao Lands USD 4 Mln Funding from Netease CEO
Duozhi.com, 7/14/13
William Ding, CEO of Chinese internet company Netease (Nasdaq: NTES), has invested USD 4 mln in English-teaching website 91waijiao.com for a 20% stake in the company, according to industry sources. Rose Gong (Gong Haiyan), CEO of 91waijiao, has confirmed that the rumors are "not too far from the truth." Other reports indicate that angel investors Xu Xiaoping and Charles Xue have also participated in the funding.
Gong, founder of Chinese online dating website Jiayuan, has stated that she will invest a total of RMB 10 mln of her own money in 91waijiao, having already invested RMB 4 mln in the two months before the site opened for business. According to Gong, "The next few months will be focused on recruiting talent and raising capital for the company, the company's shareholder structure and financial situation will be announced at an appropriate time, but as the company's founder, I will definitely remain its controlling shareholder."
Editor's Note: For more information on this topic, please see "Former Jiayuan, Baidu Managers Found English-Teaching Website," MD 1/22/13 issue.
Keywords: online education William Ding Internet funding Xu Xiaoping Charles Xue Rose Gong 91waijiao
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