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Easou, a Chinese mobile search company, has raised $12 million in third-round funding. iD TechVentures and AXA Private Equity co-led the round.
PRESS RELEASE
YETI Group Ltd. (Easou), a leading mobile search company, announced the successful completion of a third round of financing for further R&D, marketing, and geographic expansion. iD TechVentures and AXA Private Equity are the lead investors in this round of financing.
Easou, based in Shenzhen, is an innovative mobile search service provider founded in 2005. The company aims to become the leader in the mobile search industry, and has built a strong technology platform, large user base and nationwide distribution channels with over RMB100 million annual revenues. Easou was ranked as the number one mobile search company by iResearch in its newly issued research report - “2008 China Mobile Search Industry Development Report.”
“We are pleased and excited by the support we have received from the financial investors amidst a difficult funding environment,” declared Frank Wang, CEO, Easou. “We firmly believe in the bright future of the wireless internet business in China, and will continue to provide mobile users with high-quality and easy-to-use mobile search services.”
“Easou is a venture with exciting possibilities,” added Frank Lu, Managing Partner, iD TechVentures. “I believe the mobile search market has both opportunities and challenges, and Easou is well positioned to win over the competition with its innovative technology and strong execution capabilities.”
“We believe there is a strong case for mobile search in China. We are delighted to partner with iD TechVentures to support Easou, the leading start-up in this market,” said Ivan Bernard-Brunel, Director, AXA Private Equity.
About YETI Group Ltd. (Easou)
Easou, founded by a serial entrepreneur in March 2005, is a leading player in the mobile search business in China. It is headquartered in Shenzhen, with a R&D center in Beijing, and has over 300 employees. The company provides mobile users with search based information services, and offers SMEs with targeted marketing and advertisement services.
WAP site: http://easou.com; website: www.easou.com
About iD TechVentures
iD TechVentures (iDT, renamed from Acer Technology Ventures) is a leading venture fund manager focusing on high-tech and high growth opportunities in Greater China. iDT started its operation in early 2000 and has invested in dozens of companies with more than 20 successful exits through IPO or M&A. Currently, iDT is headquartered in Shanghai with offices in Beijing, Suzhou and Taipei, managing over US$400 million LP funds.
iDT, Entrepreneur Partnership
www.idtvc.com
About AXA Private Equity
AXA Private Equity, an AXA Investment Managers Company, is a diversified private equity house with $25bn of assets under management and international reach across Europe, North America and Asia. The firm provides investors with funds across the full range of private equity offerings: fund of funds - primary, early secondary and secondary; direct funds - infrastructure; LBO mid cap and small cap; venture capital; co-investments; and mezzanine. With offices in Paris, Frankfurt, London, Milan, Zurich, New York and Singapore, AXA Private Equity offers company management commitment to long-term growth and access to expansion via international markets. Investors rely on the firm’s regular, comprehensive feedback on performance and portfolio companies.
 
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