Sillicon Valley Invests in e-Guanxi Platform in China

One can loosely translate the Chinese word “Guanxi” as “social connections.” Many scholars have written books about this subject. In this e-everything time, what can be more natural than using the Internet and wireless technology to offer social networking services in China?

So here it is: ” Silicon Valley-based cross-Pacific venture capital and consulting firm DragonVenture, Inc. has recently incubated and invested in eFriendsNet Entertainment Corp (“eFN”) (www.efriendsnet.com), a company offering social networking service through Internet and mobile phones in China.

In September, with DragonVenture as the incubator and investor, eFN successfully closed its series A equity financing from reputable individual investors in the U.S., China, Japan and Hong Kong. Then in December, the company has set up and launched its operation in Beijing. The business will be exclusively in China with its headquarters in Beijing, starting from major metropolitan regions and gradually expanding to wider regions in between. The business model is built on the increasing demand of seeking affiliation and relationship among peoples. ”

December 16, 2003, 5:04 PM
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