LinkedIns China rival Maimai achieves unicorn status after $200m funding round

Maimai.cnChinese professional social networking platform has closed a $200m Series D financing round, handing it a valuation of at least $1bn and unicorn status.

The round of financing was led by DST Global alongside current investors including DCM Ventures, IDG Capital, and Morningside Venture Capital, as first reported by the China Money Network.

In total, the company has now raised $300m across four financing rounds and is said to be planning an initial public offering (IPO) in the US next year, eyeing a market value of $10bn.

The business-orientated social network, founded in 2013, boasts 50m registered users in China, reports Caixin Global. Its biggest rival, Microsoft’s LinkedIn, had 41m registered users as of the end of July 2018, according to Statista.

Elsewhere, Maimai plans to invest 1bn yuan in a professional growth training program for corporate clients. For this, it is partnering with 1,000 companies – including Cisco Systems, Fashion Group, and Focus Media Holding – to provide training services.