March 6, 2009
Chinese Social Networking Company, TongXue.com Receives $2.2 Million in Investments from Tano Capital
Based in San Mateo, California, Tano Capital, LLC. announces its investment of $2.2 million in the rapidly growing Chinese social networking company, TongXue.com on the behalf of Tano China Private Equity Fund.�� TongXue basically means classmates in Chinese and the company was founded by a Harvard PhD student in 2006 as a community website for people to find their classmates.� In 2007, TongXue has opened its Beijing office and has become one of the leading social networking sites in China and has over 10 million registered members.
According to TongXue�s representatives, the proceeds of this funding round will go to innovate the company�s product and brand promotion.�� TongXue plans to open another core website, �classmates� sometime this year.��
According to the managing director of Tano Capital, Charles E. Johnson, this particular investment is intended for expansion capital for TongXue, because the company is well poised to grow in the ever growing social community internet market in China.� Before this latest round of investments, Tano Capital has previously led an investment of $6 million along with other vc firms participating by buying several equity interests.
Tano Capital, LLC is a vc firm that was founded by the former co-president of Franklin Templeton Investments and CEO of Templeton Worldwide, Charles E. Johnson and is intended to make private equity investments in rapidly growing companies in China and the Indian Subcontinent.� Tano Capital has offices in Taipei, Tianjin, Mumbai, San Mateo, and Mauritius.� According to Tano�s website, Tano Capital believes that the economies of both China and India are growing at a quick pace and have been rapidly developing technologies making these third world nations rise up to the first world similarly to what happened in Chile, Japan, Korea, and Taiwan.� Tano Capital claims to seek innovative and alternative companies that it believes will capitalize on these macro trends.�� Other China and India based companies that Tano Capital has invested in are Alto Beam Technology, Promac Engineering, Virgo Engineers, Anil Printers, Ltd., among others.�