Shanghai E-commerce Company Obtains USD 3 Mln Funding

National Business Daily, 11/06/09

Shanghai B2B e-commerce company MyMyTi has received USD 3 mln in funding from former UTStarcom CEO Wu Ying's CTC Capital. In addition, former UTStarcom (Nasdaq: UTSI) senior vice president Le Zhenwu and Taiwanese investor Andy Kung will also join MyMyTi's board.

Yesterday, MyMyTi's CEO Zhan Songlin said that the company had not signed a valuation adjustment mechanism agreement with CTC, and that the first tranche of the investment had been received. Zhan added that MyMyTi had RMB 10 mln in sales last year, has launched operations in Beijing, Zhejiang, Guangzhou, and Fujian, and is preparing for a third round of fundraising.

Keywords: MyMyTi CTC Capital Le Zhenwu Andy Kung HR Zhan Songlin Wu Ying e-commerce Internet funding B2B

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