Deepti Sri · · 1 min read🇨🇳 social media firm for elderly nets $100m in fresh funds
Hongsong – a China-based social networking platform for the elderly – has raised nearly US$100 million in a series A+ round led by Bertelsmann Asia Investments, 36Kr reported.
Existing investors including Matrix Partners China, CCV, and BlueRun Ventures also took part in the round.
Hongsong provides an online community for retired individuals where they can sing, paint, read, and practice calligraphy, among others.
The company also offers leaders of “xiaozhan,” or groups, with features such as livestreaming pages, subchannels, and a party function.
CEO Li Qiao said that Hongsong’s current user retention and participation rates are favorable. It is also exploring ways to improve its services by understanding the new needs of the elderly, which could help the company hit profitability.
The latest investment comes against the background of an aging society in China, where over a third of its total population will hit at least 60 years of age by 2050.
See also: 50 rising startups in China
Editing by Miguel Cordon and Lorenzo Kyle Subido
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