HONG KONG — A U.S.-based venture capital syndicate headed by General Atlantic has raised $48 million for Oak Pacific Interactive, a Chinese Internet platform that is pushing into entertainment.
This is reported to be the largest venture capital project in China to date and is described by General Atlantic sources as “late stage growth-funding.” Other investors include Doll Capital Management and Technology Crossover Ventures.
Oak, until recently known as ChinaInterActiveCorp, is a portal aggregation company operating Web sites UUme.com, DoNews.com and wowar.com. Interests also include portal mop.com and netcaster ITV.mop.com.
Coin will be used to build brand awareness and expand Oak’s portfolio into broadband entertainment, online advertising and wireless services.
Beijing-based company, with 22 regional sales offshoots, claims a registered user base of 22 million and 150 million page views per day.
DCM, Accel Partners, Legend Capital and Itochu Technology Venture had previously backed Oak through UUme, which the company acquired late last year.
General Atlantic has invested some $300 million in China in 10 years.