fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
    • Product Launch
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home Featured

China’s social networking platform Hongsong raises US$100 million in a Series A+ funding round

AsiaTechDaily Writer by AsiaTechDaily Writer
06 February 2022
in Featured, Social Media
0
Hongsong
100
SHARES
Share on FacebookShare on Twitter
Bookmark (0)

Please login to bookmark

No account yet? Register

China-based startup Beijing Hongsong Online Technology that operates social networking platform for the elderly ‘Hongsong’ has raised US$100 million in funding in its Series A+ round led by Bertelsmann Asia Investments. The funding round was joined by its existing investors CCV, Matrix Partners China, and BlueRun Ventures.

The latest funding comes at the backdrop of an aging society in China, where more than a third of its total population will reach at least 60 years of age by 2050.

About Hongsong

Hongsong offers an online platform for retired people to socialize through various communities based on activities such as playing musical instruments, singing, painting, calligraphy, reading, dancing, learning English, and keeping healthy.

Each community operates through “xiaozhan” which are small groups that help users make friends with people with similar interest while receiving guidance online from experts around the country.

Hongsong provides leaders of these groups with operational tools, including subchannels, livestreaming pages, and a ‘party’ function. The users can socialize via subchannel and livestreaming chats. The company claims that it has more than 10 million users and thousands of group leaders and is growing quickly.

Founded in 2019, Hongsong focuses on meeting the needs of senior citizens in the country who have retired. It aims to tap the expanding demographic that has time, spending power, and a higher quality of life than earlier generations of elderly.

“Products circulating in the market cannot meet the basic needs of the senior generation,” said CEO Li Qiao. “They (retirees) need high quality places to form ‘second human relationships’ in order to overcome loneliness after retirement. Our hope is that they will find suitable places on the internet and socialize more freely.”

He added, “We need time to build relationships of trust. But although senior citizens spend time choosing something, their loyalty to what they have chosen is then high.”

According to him the present user participation and retention rates are favorable and the reason is that livestreaming is effective when people socialize under specific themes. Also, the chat among members as well as distribution of event materials and notices through the small groups created in each community has helped.

“We will continue to improve the functions of small groups and thereby meet the respective needs of their leaders and ordinary users.” Said Li for its future business policy.

 

Previous Post

Indonesia’s social commerce app Grupin raises US$3 million in a funding round led by Sequoia Capital India’s surge

Next Post

Bananas secures $1m to speedup grocery delivery in Indonesia

Related Posts

edit post
Bayo Pay
Featured

Malaysia’s Bayo Pay bags $2.4m in Series A round led by VentureTECH SBI

June 2, 2023
edit post
Oxalus
Blockchain

Blockchain startup Oxalus raises $1.1m for NFT social commerce expansion

June 2, 2023
edit post
Sleek CEO, Eric Kim at the East meets West Pitch competition
AI & Big Data

Sleek’s ‘Hifive’ Fitness Platform Triumphs at 2023 East Meets West Pitch Competition in Hawaii

June 2, 2023
edit post
WeGoWhere
Featured

500 Global leads $1.2m Seed funding in social networking startup WeGoWhere

June 1, 2023
edit post
Hybr1d
Featured

SG startup Hybr1d raises $3.2m, eyes global workforce management expansion

June 1, 2023
edit post
TRIREC
Clean Technology

TRIREC, INNOPOWER team up for $100m green energy fund

May 30, 2023
Next Post
edit post
Bananas

Bananas secures $1m to speedup grocery delivery in Indonesia

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
    • Product Launch
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback