News Column

WeLab Gained Investment by Tom, Sequoia Capital

June 17, 2014

HONGKONG, June 17, SinoCast -- Hong Kong online financing company WeLab, which launched the first social borrowing platform, obtained an investment from the US venture capital firm Sequoia Capital and Tom (SEHK: 2383).

WeLab founder and CEO Simon hoped to extend the company's footprint to the Chinese mainland market through this strategic cooperation.

To expand business, WeLab conducted A-round financing and raised CNY 108 million from Sequoia Capital, Tom and other investors. Sequoia Capital and Tom have become WeLab's shareholders through this capital injection and mainly take an optimistic outlook to resources and related companies the target company has.

WeLab currently is seeking further cooperation opportunities with the mainland-based mobile phone, e-commerce and financial companies.

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Source: Sinocast Banking & Credit Beat (China)