Qihoo Leads Series B Funding of Free Wi-Fi Service Provider Juwan
Sootoo, 7/22/15
Shanghai-based free Wi-Fi service provider Juwan Network Technology announced today that it has received RMB 120 mln Series B funding led by Chinese internet services and security software provider Qihoo 360 (NYSE: QIHU), with participation from Haitong Securities (600837.SH) and Zhongguancun Xinye Capital. Hu Jiewen, CEO of Juwan, says that Juwan plans to work with Qihoo 360 to develop Wi-Fi security services.
Juwan provides free Wi-Fi services for buses as well as Wi-Fi services for factories, school dormitories and waiting rooms. After installing the "Wi-Fi Browser" developed by Juwan, users will have access to free Wi-Fi services. "Wi-Fi Browser" stated that it currently has over 1 mln daily active users, and expects to reach 5 mln by the end of 2015.
Over 20 cities are installing or have installed Juwan's bus Wi-Fi devices. Juwan has invested RMB 30 mln into its bus Wi-Fi business and has already broken even on the project.
Juwan received RMB 6 mln seed funding from the CEO of Beijing-based browser and mobile game operator Zhongqing Longtu Network Technology in December 2013. Subsequently, Juwan secured RMB 8 mln angel funding from Qihoo 360 in March 2014. In October 2014, it received an additional RMB 30 mln Series A funding led by Zhongguancun Xinye Capital, with participation from Qihoo 360.
Keywords: Xinye Capital VC M&A Hu Jiewen Juwan funding wireless Wi-Fi Qihoo 360 Haitong Securities QIHU 600837.SH second-round
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