Shanghai-based Fosun Group, China’s largest non-state owned conglomerate, has led a 3 billion yuan ($437 million; €410 million) funding round in Chinese parenting website Babytree, according to a company statement.
Matrix Partners China, Danfu Investment, Chenshan Capital, Zhaojin Investment Group and Tomorrow Advancing Life Education Group also participated in the funding round.
Beijing-based Babytree is the largest parenting website in China and attracts over 200 million unique active users monthly. The platform allows parents to share experiences about parenting and child-rearing.
With the deal, Fosun and Babytree will develop health, tourism and entertainment-related products and services for Chinese middle class families.
Fosun, with 60 billion yuan under management, was founded in 1992 as a pharmaceutical company and has since expanded to insurance, finance, tourism and entertainment with investments in New York real estate company One Chase Manhattan Plaza, London tourist company Thomas Cook Group, French travel group Club Med, and Canadian circus Cirque du Soleil.
In July last year, the firm acquired Brazilian investment management firm Rio Bravo Investimentos its first acquisition in Latin America.