The source of the new round of financing raised by O.D. Kobo, CEO of the Chinese Internet investment firm, Koolanoo Group is rumored to be from the Gulf region. Koolanoo Group raised a sum of $80 million dollars earlier this month from a single source in the Middle East; at the same time, some websites have been hinting that O.D. Kobo has strong ties with influential groups in the Gulf and Russia.. Although there has been no confirmation from Koolanoo behind their new backing.

Koolanoo Group, whose current Internet holdings and operations in China have recently been valued at $500 million, has already invested $27 million in China’s booming Internet industry this year alone. How Koolanoo will use the $80 million just raised is open to speculation. One theory is that the new funds will be used to expand Koolanoo’s highly successful brand, ‘360’, which has seen the recent launch of a Smart Browser, IQ, 360Mail and 360TV. Further speculation is that Koolanoo may use the funds for developing a newly acquired web games company, which it intends to re-launch later this year as ‘360games’. Koolanoo has also linked up with a leading Chinese online sales company; the Internet industry in China can expect to see some interesting developments over the coming months as stated by O.D. Kobo.

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