iFeng Tech, 1/13/14
Cui Jin, co-founder of mobile Android app store Wandoujia, has announced that the company has landed USD 120 mln in funding led by Japanese telecom and media company Softbank Corporation, with participation from DCM and Innovation Works Development Fund (IWDF), among others. According to Cui, the current round of funding will be used to develop the company's mobile search capabilities. Cui has not disclosed equity ownership or company valuation details following the funding. Previous reports indicated that Softbank would invest USD 100 mln to acquire a 20% stake in Wandoujia.
Wandoujia, established in 2009, was among Innovation Works' first incubation projects, receiving USD 8 mln in first-round funding from DCM and Innovation Works upon graduating from the incubator. In January 2011, Innovation Works founder Kai-fu Lee announced that Wandoujia had secured second-round funding.
Wandoujia boasts 300 mln users and more than 1 mln non-duplicate apps, with 500,000 users added daily. 30 mln apps are downloaded through the platform each day, and more than 10 mln users have used Wandoujia's video search feature.
Editor's Note: For more background on this topic, please see "Wandoujia Denies Rumor of Softbank Investment" MD 11/20/13 issue, "First Innovation Works Start-Up Obtains Second-Round Funding" MD 1/17/11 issue and "Wandoujia's In-App Video Search Users Hit 10 Mln" MD 1/03/14 issue.