Beijing – LAWFUEL – Asia Business & Law – DLA Piper today announced it advised China’s Qihoo Technology Company Ltd (“Qihoo”), a leading provider of search solutions for internet and mobile platforms, in its Series B financing involving American venture capital giants Highland Capital Partners, Redpoint Ventures, Seqoia Capital, Matrix Partners and IDG Ventures. The total amount of the financing has not been disclosed.
DLA Piper also advised Qihoo on its successful Series A round of financing from Sequoia Capital, CDH Investment and IDG Ventures in January 2006, as well as a follow on investment from Matrix Partners.
Qihoo, founded in September 2005, is a specialised search engine and personalised aggregation portal optimized for user-generated content discovery, aggregating content from news sources, blogs, online communities, bulletin board services, video and photo sites.
The deal was led by Catherine Guo of DLA Piper’s Hong Kong office, with assistance from Matt Adler, a partner in the firm’s Beijing and Seattle offices.
“This deal exemplifies the rapid development of web 2.0 in China, primarily driven by innovation and the country’s vast user market,” said Adler.
“Qihoo’s unique search engine, dedicated to web 2.0 content, focuses on blogs and forums, combining search and community services,” said Nick Seddon, Asia Managing Director of DLA Piper. “At DLA Piper we take great pride in supporting clients that are revolutionising their industries.”
Rocky Lee, Head of Venture Capital and Private Equity in China for the firm added: “Qihoo’s Series B financing marks DLA Piper’s 30th successful venture financing in China during 2006. Our work for both leading investors and fast-growing companies gives us a unique perspective on this dynamic market.”