Douban, a symbol of web 2.0 services in China, Raised $10M in Series B financing today, The new round is led by Trustbridge Partners, and co-invested by its existing investor Ceyuan Ventures, who invested in $2 million in 2006.

Douban started from a social networking sites for book lovers, movie lovers and music lovers in 2005, when hype of web 2.0 just began. When people talked about web 2.0 in China, they will talk Douban. Since its inception, Douban is always one of my most favoriate Chinese websites, and I’m also an active user of Douban. Douban’s newest major product development is the release of Douban Radio, which is an personalized online music streaming service powered by a recommend engine to tailor the music just for you.

Currently, Douban’s main revenue source is online advertising, some big brands are Douban’s advertisers already. For Douban Book, it also gain revenues from affiliation with Dangdang, Amazon Joyo and other book ecommerce sites.

Congratulations to Douban and Bo Yang. I strongly believe that Douban can lead to something bigger.

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According to a guy who is very close to Kaifu Lee, Mr. Lee’s will  join cooperate with IdeaLab.com, a new type of venture capital to help Chinese young people create and operate pioneering companies.

Idealab is started by Bill Gross in 1996 to create and operate pioneering technology companies. Reads from its About:

The structure of Idealab allowed us to test many ideas at once and turn the best of them into companies, attracting the human and financial capital necessary to bring them to market.

We can not 100% confirm if the rumor is true. But reads from a couple of reports which wrote that Kaifu Lee used to mentioned in different occasions, he really wanted to help Chinese young people, explore their talent, identify brilliant ideas and guide the young entrepreneurs to make their dream come true. “I wants to follow my heart”, Mr. Lee said.

No matter if the news is true or not, for sure Mr. Lee’s next venture will be very exciting news for Chinese young entrepreneurs.

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