Mapbar, Chinese maping company, raises $10M
Mapbar, a Beijing mapping and local search company, has raised a total of about $10 million from venture capital firms IDG Ventures and WI Harper in two rounds.
The news was first reported by China Web2.0Review.
WI Harper led the second round of $5 million, with existing investor IDG participating. IDG invested led the first round in 2005
Currently, Baidu’s map search service is powered by Mapbar. Mapbar’s competitors include Go2map from Sohu, Mapabc who powered local search of Google China and Sina’s iAsk search, and 51ditu, which raised $30M in May 2006, according to the report.
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