Global Gay Social Network Gains Shanghai Investment

One of the world's largest social networks aimed at homosexual men just raised funding from a Shanghai firm.

Shanghai-based venture firm Ventech China has led a US$8 million series A funding round in Hornet, the start-up announced.

With over 15 million total and three million monthly active users, Hornet recently integrated gay city guide Vespa, which has over 5,000 places and 300 city guides in 70 countries and event listings, into its functionality.

Ventech China manages US$225 million focused on communities, mobile commerce and big data.

Its current portfolio companies include Keep, a Chinese fitness training and community app; Blued, China's largest gay community app; WonderFull, a Japanese product mobile commerce platform; Juzi, an entertainment news platform; and Datawin, a big data company in sales leads generation.