Highland Capital Partners and Redpoint Ventures Join World Class Team
BEIJING, CHINA – November 15, 2006 – Qihoo, a search solution provider on the Internet and mobile platforms in China, announced today that it has raised US $25 million in the initial close of a Series B financing. Highland Capital Partners led the round with participation from Redpoint Ventures and earlier investors Sequoia Capital China, CDH, Matrix Partners and IDG Ventures. In conjunction with the financing, Dan Nova of Highland will be joining Qihoo’s Board of Directors. Highland’s Chuan Thor and Redpoint’s David Yuan will also be joining as Board Observers.
“With the addition of Highland and Redpoint, we have assembled the finest investment team in the world to help us achieve our next stage of growth", stated Hongyi Zhou, Founder and CEO of Qihoo. “Together, over the last decade they have helped to pioneer and build such online brands as Ask Jeeves, MySpace, MapQuest and Lycos. The financing round represents further endorsement of our progress to date and business plan moving forward.”
Qihoo is the leading user-generated content (UGC) search engine and personalized aggregation portal for Internet and mobile platforms in China. Optimized for UGC discovery, Qihoo aggregates popular content from news sources, blogs, online communities, bulletin board services, video and photos to deliver real time entertainment and lifestyle information.
“We’ve been globally searching for a scalable platform that provides UGC discovery and aggregation services,” added Dan Nova, Managing General Partner with Highland. “We found it in China with Qihoo and are excited to work with such an accomplished team on a next generation solution that is tuned to Web 2.0 content sources.”
Based in Beijing, Qihoo is a search solution provider on the Internet and mobile platforms in China. Its underlying technology is uniquely focused on searching, accessing and presenting relevant information from the tremendous and rapidly growing amounts of user generated content available online. The company is led by visionary founder Hongyi Zhou, who sold 3721, a leading Chinese internet search engine and marketing company, to Yahoo! and later was President of Yahoo! China.