Pan Haidong, CEO of Hudong.com, announced on Weibo that the company has recently raised RMB100 million (US$15.6 million) in its third round of financing. The company intends to use the fundding to accelerate monetization and to enhance its presence in the mobile Internet sector.
Founded on July 18th, 2005 at Zhongguancun (Chinese Silicon Valley), as the world’s largest Chinese encyclopedia website, Hudong.com provides people with a Chinese online platform for knowledge. Hudong.com has amassed nearly 5.4 million entries, 5.53 billion words and 5.82 million pictures contributed by over 3.6 million users as of July 2011. Pan Haidong relates the site to a “fenceless university”. Hudong.com aims to provide an “Interactive Wiki Community”, which gets a lot of people who are willing to share their wisdom involved to make it grow and to popularize Chinese knowledge and culture across the globe.
In April 2011, Hudong.com officially launched Baike.com, a platform of strategy importance aiming at enterprise market for monetization. Baike.com is described as a “small” open encyclopedia platform that has infinite sections with independent second-level domain names that focus on a particular area, object, or skill in people’s lives. Pan Haidong claims that, Baike.com is another major move in the company’s business development strategy and is a further extension of Hudong.com’s “knowledge media”, which will lay a solid foundation for Hudong.com’s overseas listing in the future.
In addition, Baike.com creates a powerful APP mobile media platform, allowing enterprises or individuals to immediately have a proprietary APP, without the need of code technicianss help. “Hudong.com plans to produce 10,000 mobile APPs in 2011, truly realizing the transition from an APP factory to the APP market.” according to Pan Haidong.
Hudong.com previously received two rounds of fundings from institutions such as the famous American venture fund Draper Fisher Jurvetson in 2006 and 2009, with a total financing of US$30 million.