Comment on Chinese Financial Social Media Snowball Announces $10 million Series B Funding by Financial Social Media Snowball Raises US$40M in Series C Funding Led by Renren - TechNode

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Snowball Finance, a Chinese online financial service, today announced $10 million Series B round of funding from Sequoia China and Morningside Ventures. Simon Fang, founder and CEO of Snowball, said the funding will be used for product development and talent. (official announcement)The company owns a financial news site, iMeigu, and a financial social network, Xueqiu. Now being one of the most popular social networks for Chinese investors, it has attracted a large number of professionals in financial sector to contribute financial analysis reports. Screenshots of Xueqiu appsEstablished in 2010 by Simon Fang, former deputy editor-in-chief at NetEase’s online media, Snowball received RMB 20 million ($3.2 million) Series A funding from Sequoia China in 2011 and angel investment from Xue Manzi earlier.