Plans to raise $5m by end of June
China’s social networking site for professionals and a LinkedIn competitor, Ushi, has said that it will grow its members almost 30 times to 10 million users over the next few years.
Ushi’s chief executive Dominic Penaloza told Reuters that Ushi, which means "outstanding professionals" in Chinese, plans to have 10 million users in two years from the current 300,000.
Ushi was launched in October last year. The company is backed by Milestone Capital, US-based Richmond Management, Li & Fung private equity and Simon Murray & Co.
"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," said Penaloza.
The growing China’s Internet industry has over 450 million users currently.
"There’s more proportion of Chinese who will only do business with people they have met before and people who have a mutual friend," said Penaloza.
He added that the company aims to raise $5m by the end of June.
LinkedIn has limited presence in China and was banned for some time earlier this year. Other sites like Twitter and Facebook are blocked over censorship concerns.