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China startup raises $100m to fund its social media site for elderly

Beijing Hongsong's site boasts over 10m users

Beijing Hongsong is targeting China's massive elderly population with its social media site. (Photo courtesy of the company)

BEIJING -- Chinese startup Beijing Hongsong Online Technology, which operates a social networking site for older people called "Hongsong," has raised nearly $100 million in a Series A+ funding round.

The latest investment in Beijing Hongsong was led by Bertelsmann Asia Investments, or BAI. Beijing Hongsong's three existing shareholders -- Matrix Partners China, CCV and BlueRun Ventures -- also made additional investments.

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