Zhaopin.com, a Chinese job search company, has secured $110 million in mezzanine funding. This will be the final round of funding for the company before they have an IPO in 2010. This is the largest investment made for an online job search company in China.
Two of the major investors in the Zhaopin are based in Australia. The two companies are Macquaries Capital (invested $60 million) and Seek Limited (invested $45 million). Seek now owns 43% of the company and Macquaries owns 29.1%.
Zhaopin’s revenues doubled in about a year, but the company is still losing money. Between 2006-2007, Zhaopin lost $13 million. It is expected to take about 2 years before the company cuts a profit.