Ushi 'close' to getting funds

Business social website Ushi, a Chinese version of United States-based LinkedIn, is close to completing a second round of financing with investors, including Tiger Global Management, Shanghai Daily learned yesterday.

Different from Facebook and Kaixin, BSNS (business social networking service) websites like Ushi are used by entrepreneurs, senior executives, headhunters and professional investors for business communications.

Shanghai-based Ushi, which raised about 10 million yuan (US$1.5 million) in its first round last year, is negotiating with Tiger Global Management, a hedge fund which used to invest in the world's leading BSNS website LinkedIn.

The financing is "close to finish" and the investment figure is "sure to surpass the first round," a company source told Shanghai Daily.

Ushi now has more than 110,000 members, including 12,000 chief executives and many venture capital and private-equity investors. Its revenue comes from advertising and paid membership services, which start from 238 yuan for three months.

LinkedIn, with more than 90 million members, is seeking an initial public offering that may raise up to US$175 million.

Ushi has launched location-based services for handset users, which allows strangers to know each other.