Wandoujia raises $120 million in a new round of funding
Wandoujia is a mobile app distribution company that is based in China and has around 300 million users. Wandoujia has announced that they have raised $120 million in a round of funding led by SoftBank Corporation. Existing investors DCM and Innovation Works Development Fund (IWDF) also participated in this round. Wandoujia CEO Junyu Wang said that this round of funding will be used for accelerating growth and openly serving developers.
The app market in China is hot. This past July, Android app marketplace company 91 Wireless was acquired for around $1.9 billion. There are now over 200 app stores in China since Google Play does not have a presence there due to government regulations.
Some of the most well-known app companies that has used Wandoujia as their distribution platform include Path, Evernote, Line, and Flipboard.
“When DCM first came into contact with Wandoujia in 2011, it stood out from the mass of app stores because of its unique app search model. Since last year, Wandoujia has entered into additional mobile content verticals with its search product. We believe that Wandoujia, with its record of achievements and persistent strength in products and technology, has an opportunity to become the leader of the mobile internet industry,” stated DCM general partner Hurst Lin.