Industry News

TMCNet:  Social Networking App Momo Said to Close 2nd-round Financing

[August 03, 2012]

Social Networking App Momo Said to Close 2nd-round Financing

BEIJING, Aug 03, 2012 (SinoCast Daily Business Beat via COMTEX) -- The insider disclosed today that the controversial geographic location-based social networking tool designed for strangers, Momo, has completed the second round of financing.


It is reported that the financing scale in this round is 20 times as that in the first round. Momo was established in August 2011 and got angel investment worth about USD 2.5 million from Matrix Partners. As of the end of 2011, the application saw a registered user base of 500,000.

The main competitors of Momo include Miliao (an instant messaging application launched by Beijing Xiaomi Technology) and Weixin (a Tencent-launched instant massaging tool). Tencent announced at the end of March that Weixin has acquired a user base of more than hundreds of millions.

Source: www.chinaventure.com.cn (August 03, 2012)

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