XueqiuLogoSnowball Finance, a Chinese online financial service, today announced $10 million Series B round of funding from Sequoia China and Morningside Ventures. Simon Fang, founder and CEO of Snowball, said the funding will be used for product development and talent.(official announcement)
The company owns a financial news site, iMeigu, and a financial social network, Xueqiu. iMeigu, launched in May 2010, has been focusing on U.S. stock market, while Xueqiu also covers Hong Kong stock market and China’s A-share market.
Additional Source (Chinese)
Sohu.com 05 June 2013
Snowball Finance announced it had received a $10M B-round investment from Morningside Ventures and Sequoia Capital China. Last year, it received RMB20M (around $3.26M) from Sequoia Capital China.
Snowball Finance was established by the former vice chief editor of 163.com (NetEase), one of the most famous portal websites in China.