BV Capital

Company Description: Following the spirit of MySpace, Fenbei.com (translates to decibel in Mandarin) originally set itself up in June 2003 as 163888.com and a site for amateur artists to showcase their music to friends or anyone who wanted to listen. In 2004, an artist’s original piece was released entitled “Mouse Loves Rice” (direct English translation) and became a top hit, beating out many popular songs at the time. Its first funding, 2M USD, shortly followed from IDG Ventures. In 2005, Fenbei launched Internet recording software, K-8, which allowed music to be copyrighted by the site. After 2005, Internet musicians became very popular, as artists were able to reach a wider audience. Many online “Stars” were born who achieved celebrity status without the monetary benefit of traditional pop stars. Nonetheless, celebrity status was sufficient and Fenbei provided the outlet. In June of this year, Fenbei’s site was revamped to incorporate many of the same MySpace components such as personal pages with blogging, video, audio and photo sharing, and social networking all designed to focus around a musical artist. It is currently ranked 480th by Alexa. According to the site it has over 12 million registered users, 1.6 million page views/day and over 30 thousand songs uploaded daily. Second round funding was completed in late 2006 with 6 million USD.