[Shanghai, China – July 3rd, 2007] Qiming Ventures Partners announced today that it has completed an investment into Mainone Inc.
Founded in 2004, Mainone is the leading IT outsourcing service provider focusing on serving over 20 million Chinese small and medium businesses (SMB). Mainone provides a comprehensive portfolio of business application services through its B2B Internet portal – Chinese Products, hosted SAAS (software-as-a-Service) application platform and business media. Chinese Products enables SMB customers to promote their products or services simultaneously on over 7,600 vertical websites and to receive business enquiries and sales leads from over 1,000 business websites. Mainone’s hosted SAAS application platform provides one-stop-shopping packages for SMBs to build up a web presence with the least hassle, including domain name registration, website design, corporate email hosting, salesforce automation, CRM, search engine keywords procurement and etc. Its business media provides a direct channel for advertisers to reach tens of thousands of business decision makers throughout China.
“We are very excited to have Qiming joining us”, Stephen Cheung, founder and CEO of Mainone said, “We chose Qiming over a number of other reputable investors because of the world class operating expertise from leading technology companies and down-to-earth style of Qiming partners. With access to this group of seasoned former Fortune 500 executives and their unparalleled network of resources we are even more confident in further cementing our leadership position in this huge and fast growing market.”
Edward Zhou, partner of Qiming Ventures commented that “SMB is the most vibrant constituent of China’s economy – it contributes half of the GDP and tax revenue, 60-70% of the country’s export and three quarters of non-farm jobs. SMB IT outsourcing is an enormous market with terrific growth potential. Information technology and Internet are increasingly playing a vital role in accelerating the growth of SMB and in improving their operating efficiency. With a highly scaleable business model, seasoned entrepreneur team, superb execution and nationwide direct sales coverage, Mainone has established its leadership position in the market. Qiming is excited to have the opportunity to join this winning team. Together with the team we are determined to build a world class enterprise by contributing our energy, expertise and connections.” Qiming’s investment will help Mainone to further expand its nationwide network and sales team. Mr. Zhou will be serving on Mainone’s board.
About Qiming Venture Partners Based in Shanghai, Qiming (www.qimingventures.com) aims to be a premier venture capital firm focused on investments in early stage ventures in China, in partnership with Ignition Partners (www.ignitionpartners.com). The Qiming team is proven business leaders and venture capitalists with strong operational backgrounds in both the U.S and in China. Qiming seeks investment opportunities in early stage and high growth Chinese companies in the areas of TMT and healthcare. While striving to be the investor of choice for entrepreneurs, Qiming will also work closely with other leading venture capital firms in to deliver the investor value that young Chinese companies require.