Rumor: Shanda Cloudary Lands USD 110 Mln in New Funding
Tencent Tech, 7/08/13
According to Tencent Tech, Chinese online media and game operator Shanda Interactive's e-publishing platform, Cloudary, has received USD 110 mln in a new round of founding from global investment firms Goldman Sachs and Temasek. The two firms took a combined stake of less than 20% in the company, representing a significant decrease from Cloudary's mid-2012 valuation of USD 800 mln.
According to relevant sources, the most recent round of funding serves three purposes: increasing the revenue share for Cloudary's online authors, financing the establishment of an open online literature platform, and strengthening the development of China's nascent online literature community.
Cloudary will announce details regarding the funding on July 9.
Keywords: online literature Shanda Internet investment Goldman Sachs Temasek Cloudary