Online Map Service Receives Venture Funds

Filed in archive Venture Capital by james on December 12, 2006

The blog, alarmclock reports that online map service provider Mapbar has received about $10 million in financing from both IDGVC and W.I. Harper.

This financial news fuels speculation that Mapbar will certainly plan a US listing in less than two years according to industry observers. US-based venture capital firm WI Harper led the round. Mapbar intends to use the new funds to further develop its internet map search, improve navigation and browsing experience on handheld clients and extend its product offering in map applications related to consumers' daily lives.

Competitors include Go2map from Sohu, Mapabc, which powers Google China and sina's iAsk search.

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