YeahMobi claims that they just raised $100 million for their very secretive advertising network. The Xi’an, China-based company is now claims they are worth at about RMB 5 billion (almost 1 billion?).
They claim that investors in the private placement include Beijing Bohai Tongxin Private Equity Fund (RMB 120 million), Nanjing Huawen Hongsheng Startup Investment Fund (RMB 100 million), Shenzhen Qianhai Bochuang Private Equity Fund (RMB 60 million), and 11 others.
The funding is said to be used as working capital needed in mobile advertising business in subsidiary companies and branches, as well as acting as reserve fund for the company’s M&A efforts of consolidating global digital media assets. As part of Yeahmobi’s global aspiration, Yeahmobi plans to leverage the favorable capital market conditions in its home market to pursue global growth opportunities.
Here’s the problem. They forgot to remove the claim that they went public a few months ago.
So they went public, but now are getting private funding? They claim to have offices all over the world, yet the addresses listed are in actuality, Post Office Boxes or virtual offices. There is no listed phone number for any of the offices, let alone their main office.
Why would a company worth almost $1 billion have to use fake offices, have no telephone number, nor any way to contact them except by email?
Their website is also built off of a wordpress template, which isn’t so bad except when you’re worth almost a $1 billion, can’t you afford at least the $10k for a good design?
I also called up Yahoo! which they claim to be a partner, and their press office never heard of them and said they aren’t “partners.” They claim to have some sort of partnership with Amazon, but it’s only using their cloud which any company can do.
Could they have raised $100 million? Perhaps — but at the same time, because of the secrecy of China, there is no way to actually find out.
Also lets not forget their previous company, YeahCPA also tried to claim they were the biggest CPA network in the world, only to be revealed to be working out of a $500/month apartment in Arizona. Their founder was then deported after violating his visa. Then they disappeared with their entire website and payments gone, leaving tons of affiliates unpaid.
YeahMobi has refused to talk about this or return calls, but we look forward to verifying their claims if they can. So far there is nothing whatsoever that backs what they are saying, so be very careful.
