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

Feedback

Sending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily