[Penn Olson] CyberAgent Ventures Invests $1 Million in Taiwan’s iPeen

Penn Olson 5/1/2011

Japanese investment firm, CyberAgent Ventures has recently invested $1 million in Taiwan’s iPeen for 20 percent stake, valuing iPeen at $5 million.

iPeen is one of the largest user generated restaurant review websites in Taiwan. The website has more than 85,000 restaurants listed on its website and attracts up to 200,000 visitors each day. iPeen recorded $1 million in revenue last year and plans to hit $3 million this year. Sky Ho, CEO of iPeen said that he targets an initial public offering (IPO) in five years time.
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memo

• CyberAgent Ventures accelerates its speed on investing in startups in Asia. Last month, it invested in PT Tokopedia, Indonesian online shopping mall.