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CTG received a VC financing of USD 12 million from Granite Global Ventures (GGV) and CID Group

文章:admin   编辑:admin       2009-09-22

Several days ago, CTG announced that it received a series B financing of USD 12 million from Granite Global Ventures (GGV) and CID group.Lisa Lo, Partner of the CID Group, became a member of CTG’sBoard of Directors. This new financing will assist CTG further expand and strengthen its operating & service network over the country, and secure its leading position as the No. 1 brand in China’s HR outsourcing industry.

It is reported that this is the second time when GGV invested in CTG. As early as 2006, GGV provided CTG with series A financing of USD 6 million, and Jenny Li and Jixun Foo, partners of GGV, joined the Board of Directors of CTG. Jixun Foo indicated that “Now we are not so anxious to arrange CTG for IPO listing, but hope it to concentrate on its business development.”

“The fund of this financing will be mainly used to expand and solidify CTG’s operating and service network in the country. In 2008, CTG’s branches and subsidiaries will total 200, and point-to-point & one-stop service of higher quality will be provided to more clients. On the other hand, the fund will be also used to improve the brand influence of CTG’s New Manpower in the field of human resources and establish its domestic position as the No. 1 brand.” CTG’s President Hao Li said to AVCJ.

 

CTG received a VC financing of USD 12 million from Granite Global Ventures (GGV) and CID Group 易才新闻 易才集团