Cloudary Corp - an online literature platform owned by interactive media giant Shanda Group - said on Tuesday that it raised about $110 million through private placements from Goldman Sachs Investments Holdings (Asia) Ltd and Singapore-based investment company Temasek Holdings.
Funds will primarily be used to further boost Cloudary's incentive scheme for writers, secure commercially valuable literary content and develop mobile Internet products and applications, according to a statement issued by the company.
The introduction of outside investors has somewhat cheered up Cloudary's management and helped it to recover confidence. The company went through a bumpy road in recent years.
Cloudary's initial public offering plan, which was first announced in 2011, has been delayed because of internal turbulence and the lackluster economic environment. Full story
