Snowball Finance (Xueqiu in Chinese), the Chinese financial social media, announced that the company has raised US$40 million in Series C funding led by Renren Inc. and joined by existing investor MorningSide Ventures.

Xueqiu.com is now one of the most popular financial social networks among Chinese investors in China. The company raised Series B funding of US$10 million last year and US$3.2 million in Series A in 2011.

Renren, the notorious Facebook copy, doesn’t turn out to be successful in China even though Facebook hasn’t been accessible here. The company reported 42%  year-over-year decrease in total revenue in Q2 2014. Gaming, which used to be the only profitable business of the company, began declining from the second quarter of last year and decreased 57% year-over-year in the second quarter of this year.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com