Shanghai – Chinese business social networking site Ushi is in the process of raising $5 million in new funding, CEO Dominic Penaloza tells Reuters.

The site, which launched in October and currently counts 300,000 users, hopes to boost that number to two million in two years’ time.

“We’re aiming to ultimately serve a very large portion of China’s 40 million Internet users who are white collar or entrepreneurs. Call it 10 million in two years,” Penaloza told Reuters.

“There’s more proportion of Chinese who will only do business with people they have met before and people who have a mutual friend.”

The company’s investors include Milestone Capital, Richmond Management, Li & Fung and Simon Murray & Co.


Related Links: