Maternal Social Platform Lmbang Secures US$20M of Series B Funding
Lmbang (spice moms in Chinese), a Shenzhen-based mommy communication website, announced US$20 million of Series B financing led by Greenwoods Asset Management with participation of Morningside Ventures, VIP.com, Matrix Partners and K2 Ventures. The company has received millions of dollars in Series A financing last year. Double-sigma Investment Management worked as financing consultant for this round.
Launched in May 2012, Lmbang is a mobile social platform for women where mothers can share and exchange tips on various topics of child rearing, slimming, beauty makeup, emotion, delicacy, sexual health, etc.
The platform has more than 20 million registered users with around 2.6 million daily active users and a monthly retention rate of 60%, according to Jin Zan, CEO of the company. He added that most of their users are moms who are born in 1980s and 1990s, and over 90% of the users aged between 25 to 30.
The funding will be poured into exploration of new business model, branding and team construction. Lmbang now has more than 100 employees.
Services targeting at female users are chased by investors recently. Menstruation tracking app Dayima announces US$30 million of Series C funding one month earlier. Another similar period tracker Meet You also secured US$35 million of Series C financing at the end of this June.