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.
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