Beijing, China and Carlsbad, CA - May 10, 2007 - Intel Capital, Intel Corporation's venture capital organization, today announced it has led a Series B private equity investment in 51.com. As China's leading social networking web site, 51.com currently has 60 million registered members and provides social networking and blogging services. This deal highlights Intel Capital's vision of enabling homegrown Chinese Internet companies providing innovative services.
The announcement came during Intel Capital CEO Summit, an annual conference bringing together executives of Intel Capital portfolio companies and global 2000 corporations being held this year at La Costa Resort in Carlsbad, California.
"This latest investment exemplifies Intel Capital's commitment to the exponential growth in Chinese Internet industry," said Arvind Sodhani, president of Intel Capital. "Our US$200 million Intel Capital China Technology Fund is aimed at propelling technology development to new heights in China."
"51.com is delivering innovative and smart services catering to Chinese web users. With five million accounts added each month, the company and its users are becoming a social phenomenon," said Shengdong Pang, CEO of 51.com. "The funds will be used for business infrastructure expansion, talent recruitment, marketing programs and developing more leading-edge offerings for 51.com users. 51.com connects diverse cultures and interest groups, promoting better understanding and a more harmonious society."
"China's internet economy, with its 137 million users, is only second to the U.S. We foresee great potential for continued growth. Social networking web sites in particular are growing at unprecedented pace in China, with consumers demanding unique local flavor." said Cadol Cheung, Managing Director, Intel Capital Asia Pacific. "51.com represents a fast-growing new wave of growth engines for China's Internet and IT ecosystems."
Intel Capital investments in China have been focused on developing homegrown innovation and growing alongside China. The deal reinforces Intel's confidence and commitment to the China market, continuing Intel's efforts to increase the technological capabilities of China's IT industry and strengthen the global competitiveness of Chinese companies. Intel Capital made its first strategic investment in China in 1998 and since then has invested in more than 50 Chinese start-ups and companies across nine cities in China.
About 51.com
51.com is China's leading social networking website, connects millions of users daily, delivering a diverse array of tool for maintaining their personal networks and blogs. Headquartered at the prestigious Pudong Software Development Park, 51.com's user base began with a mere 200,000, but grew to over 60 Million users, with a page view of over 150 Million per day and an average of 450,000 simultaneous user sessions. In August of 2006, 51.com was named one of ALEXA's 100 most powerful websites in the world, and one of China's top 20 websites. In 2006, 51.com was China's fastest growing website.
About Intel Capital
Intel Capital, Intel's venture capital organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US$6 billion in approximately 1,000 companies in more than 40 countries. In that timeframe, about 157 portfolio companies have gone public on various exchanges around the world and another 187 have been acquired by other companies. In 2006, Intel Capital invested about US$1.07 billion in 163 deals with approximately 60 percent of funds (excluding Clearwire) invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intel.com/capital.
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