Web and mobile social networker gets USD 500 000 — MobileMonday Global: Industry News

^{eFriendsNet in China} Web and mobile social networker gets USD 500 000

2 Jan 2005 at 07:35 GMT Timo Poropudas

EFriendsNet Entertainment Corp., which operates a social networking community in China, will receive a USD 500,000 strategic investment from KongZhong Corp., according to KongZhong. EFriendsNet provides business networking, social mingling, casual dating and information exchange service to through trusted connections. Integrating Internet and wireless technology the interactive service can facilitate customers’ social networking activities conveniently and at a minimum cost. The company’s series A round of financing (for an undisclosed amount) was provided in September 2003 by Palo Alto, Calif.-based DragonVenture and various individual investors, including Tim Draper, managing director at Draper Fisher Jurvetson; Yasumitsu Shigeta, chairman and CEO of Hikari Tsushin; and other investors from the U.S. , China , and Hong Kong . EFriendsNet was originated from the founders’ business plan. It was the first prize winner of Knapp Venture Competition at UCLA and fifth prize winner in Carrot Challenge, the largest business plan competition in US sponsored by Forbes and HSBC.