China’s mobile social CRM service provider Social Touch announces it has landed $456 million HKD ($58.8 million USD) of Series D financing from Legend Holdings, the parent company of Lenovo, in exchange for an undisclosed share.
The startup has snagged tens of millions dollars in Series C led by Sierra Ventures and followed by existing investors of Legend Capital and GGV Capital. With the new financing, the company is going to increase investments in technology development, mobile advertising and consulting services.
Founded in 2011, Social Touch offers social media services that enable enterprises to create, manage and track social campaigns on Chinese social networks like Weibo and WeiChat.
The company now has four main product lines for marketing strategy and execution services, native advertising solutions, mobile marketing management software, data management and analytics for mobile marketing services.
Social Touch now has more than 700 staff who provides service to over 100 large enterprise customers — including P&G, Dell, Huawei, and around 1,000 medium-sized enterprises.
Mobile internet-related startups have been a major investment focus of Legend Holdings in recent years. The company expressed that the huge potentials in upending traditional marketing services and Social Touch’s excellent are the two main motivations for backing the startup.
China’s nearly 650 million internet users are spending more time online, creating an active environment for social media. This appetite for all things social has spawned an array of companies to capitalize on the growing market, including Kmsocial, 37degree, Vmaibo and WeiboReach.