360Quan Get $5 Million in New Funding

Filed in archive Venture Capital on January 1, 2008

Redline China is among several sources reporting that 360Quan is getting an influx of cash from Koolanoo Group.

The 360Quan site is China's third largest social networking site and has experienced phenomenal growth this year. The Israel-based Koolanoo Group owns 360Quan. It also owns Koolanoo.com - the first social network for young Jewish professionals. The Koolanoo Group maintains offices in Tel AVIV and Beijing. 360Quan was started in 2003.

Koolanoo Group put $3 million into 360Quan earlier this year. The $5 million, announced on December 27, is a second round of funding.

According to Entertainment Asia, O.D. Kobo, chairman and CEO of Koolanoo Group, has announced plans to move the company's global headquarters to Beijing and expand its China team from 40 to 100.