Tuesday, January 27, 2015

Renren CEO Empire Builds Once More With Tech Startup Deals

Renren CEO Joe Chen
(Bloomberg photo)
Chinese social networking site Renren
has been making steady investments in tech startups as it seeks to broaden its revenue stream, become profitable, and boost its stock price.All of these new investments led by CEO Joseph Chen have been far afield from its core business in social networking, and most of these deals are in the U.S. Chen, throughout his entrepreneurial career, has been an empire builder, acquiring and investing in related tech startups and also divesting businesses that are not going anywhere. Renren itself was built mostly from a combination of acquired or invested in sites.
Renren plans to invest some $500 million in financial tech, and has already invested nearly half that amount, although the NYSE-listed company is investing in other tech areas, too.
Chen’s latest investment in San Mateo-based stock trading site Motif is one in a series of those bets on financial tech. In mid-January 2015, Renren led a $40 million financing for the four-year old Motif, which has raised some $120 million from Ignition Partners, Norwest Venture Partners and Foundation Capital.
A look at earlier tech startup investments made by Renren include:
Keep reading post at Forbes: