Tencent Holdings Ltd., Singaporean sovereign wealth fund GIC Pte and BlackRock Inc. increased their stakes in Weimob Inc. through a share sale that’s said to have netted $180 million.
Weimob, which has a market value of about $1.2 billion, will use the proceeds to bankroll technology development, it said in an emailed statement. The six-year-old company, which went public in Hong Kong this year, helps businesses fine-tune their online commerce and marketing strategies. It’s now expanding its business in targeted marketing, product displays and payment processing. Tencent is an existing backer, a relationship Weimob has leveraged to help small businesses market across the internet giant’s social networking platforms.