Rong360.com Closes $30M Series B Financing

Rong360.com, an online private lending search service provider, is said to have closed US$30 million series B financing, according to Chinese media reports.

The specific institutions involved in the funding round is not announced, but Sequoia Capital is reported to be the lead.

Beijing-based Rong360.com is founded in October 2011. Five months later, the company completed US$7 million series A financing with Lightspeed Venture Partners, KPCB and Zero2IPO Venture, according to the company’s website.

Rong360.com’s series B round of financing came just a little over one year after its last financing. The three venture funds from its series A round are said to also participate in this latest investment.

For KPCB, this is not the first time it invested in online financing platforms in China. In April 2010, KPCB invested in CreditEase Leasing, an online private lending platform.

In 2011, KPCB made a second investment in the company with IDG Capital Partners and Morgan Stanley Private Equity Asia.

China Expert network
 
China Expert network

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