Women's SNS App Lamabang Lands USD 20 Mln Series B
36Kr.com, 7/03/14
Jin Zan, CEO of Shenzhen-based mobile app developer Wangzhi Technology, has revealed that the company has obtained USD 20 mln series B financing. Wangzhi is the developer of Lamabang "Hot Mama Gangs," a maternity-focused SNS mobile application. Greenwoods Asset Management led the most recent round of funding, with participation by Morningside Ventures, B2C e-commerce site Vipshop (NYSE: VIPS), Matrix Partners and China Renaissance K2 Ventures. The funds will be used to explore commercialization of the app, to enhance brand development, and to expand human resources.
The Hot Mama Gangs app was released in May 2012, and currently boasts over 20 mln registered users and 2.6 mln daily active users. Wangzhi completed USD 7-digit first-round financing in August 2013, led by Matrix Partners with participation by China Renaissance K2 Ventures and Morningside.
The Hot Mama Gangs app allows users to join "gangs" (topic-oriented social groups) based on a variety of interests, including child rearing, fashion, relationships, and beauty. In addition, users may use LBS services to find nearby "hot mamas."
Editor's Note: For more background on this topic, please see "SNS App Developer Wangzhi Secures USD 7-Digit Funding" MD 8/04/13 issue.
Keywords: funding users wireless mobile SNS active users Morningside registered users Vipshop VIPS China Renaissance K2 Ventures Greenwoods Jin Zan Lamabang second-round mobile application
Sending
