Maimai raised $750 million and planned IPO in 2019 raised a Series C funding of US$750 million led by California-based DCM with participation of IDG Capital and Hong Kong's Morningside Venture Capital. Zhilian Zhaopin, a job recruitment site in China, also agreed to become a strategic investor. The funds will be used for new market expansion and preparing the IPO by 2019.

Tinuku Maimai raised $750 million and planned IPO in 2019

Maimai announced it has raised Series C funding of US$750 and now targets an initial public offering (IPO) in 2019. The Beijing-based business social networking startup claims to have 30 million registered users in China with 10 million monthly active users.

Maimai was founded by Lin Fan in 2013 and is now the strongest candidate to compete LinkedIn's global network giant in the world's largest ever growing labor market. Fan said the company plans to use the funds to expand into other markets and improve services.

"This round of Series C funding indicates the company has entered a rapid development stage. Our target is to register all employees of the top 500 Chinese companies and the top 500 global companies operating in the country," said Fan, as CEO of Maimai.

China has changed from traditional society to foreign society and Maimai hopes to play a more important role based on products and user bases which means traditional societies are increasingly being replaced by individual groups led by social networks.

"We are optimistic with the potential growth of professional networks. We want to go public in 2019 with a target market value of US$10 billion," said Fan.

Fan in February said that 80 percent of Maimai's revenue comes from advertising and the rest from premium customers, including corporate users. LinkedIn owned by Microsoft generates annual revenue of US$1.1 billion, but does not depend on advertising revenue.

LinkedIn is still the largest professional network in the world and has recently claimed to have 36 million registered users in mainland China or has increased eightfold since it first entered the market in 2014, but the company is having trouble with Chinese regulators.