South China Morning Post has the story of Bokee, which raised $10 million recently:
It was not until June last year that Mr Fang and his business partner, Wang Junxiu, hired their first employee with the seed capital from Softbank.
In just over a year, the company has expanded to a staff of 210 and is hiring about 50 people a month. Mr Fang is optimistic Bokee can break even by the end of the year, and predicts the site’s registered bloggers will increase from 2 million to 10 million in the same period.
The site boasts big name advertisers such as IBM, Hewlett-Packard and Dell, but the plan to push the business of blogging into profitability goes beyond the traditional reliance on advertising.
Bokee has also partnered with Nokia, Samsung, Motorola and telecoms giant China Mobile to provide wireless blogging services for a fee. But the revenue generator Mr Fang hopes will make his listing dream a reality is based on the model of Korean blog site Cyworld. A virtual currency pilot program beginning this month will allow Bokee bloggers to charge their readers, with the site taking a 20 per cent fee.