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News & Updates - Monday, August 15, 2005

99Bill - Profile

99bill.gif

HQ: Shanghai, China

Founded: January 2005

Management: The company was founded by Netease.com (NTES) veterans Oliver Kwan and Helen He.

Investors: In August 2005, 99Bill recieved a undisclosed Series A round of venture funding led by DCM - Doll Capital Management and Peninsula Capital.

Business Model: Focused on eCommerce in China, 99Bill offers an email and mobile phone number-based online payment platform. While eCommerce is growing in China, most transactions go through C.O.D, postal wire, pre-paid cards or bill collection services because PayPal and other payment ervices do not operate in China. 99Bill has direct debit card and credit cards processing relationships with Chinese banks, enabling any online user and business to receive debit and credit payments covering over 2.7 billion international and domestic-issued bank cards. The company claims approximately 400K registered users.

Competitors: Shanghai SmartPay raised $8.2M in 2004 from Hong Kong's 2B Holdings and is on the brink of closing a second round. Recent funding came from The new investments come from James Robinson, former chairman of American Express, and Rich McGinn, former chairman of Lucent, among others. Also, Softbank Asia Infrastructure Fund invested in China UnionPay Merchant. Paypal has announced plans to launch in China by the end of 2005. Also, SmartPay raised $7.8M in August 2005.

Dirt: We are not believers in Chinese Internet plays that rely on advertising - including search engines such as Baidu. Advertisers simply aren't willing to pay much CPM or CPC for the Chinese population - so its largely a long-term strategic investment. However, Chinese eCommerce enablers such as 99Bill are on to something. There is a lot of competition in this nascent space.

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