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Cyvee.com receives capital investment from IDG Ventures Vietnam and announces new version of its website

Ho Chi Minh city, October 30, 2007

CyVee.com, the first social network for professionals in Vietnam, announced today that it has received investment from IDG Ventures and at the same time released it newest version of the website.

Started in March 2007, the company launched its beta version under the name vnSpoke.com. Only within a few months, vnSpoke had received supports and participations of over 10 thousand active members, majority of whom are senior level professionals in various industries. In order to better serve its users, in late October, CyVee.com was introduced to the public. This is an upgrade from vnSpoke, incorporated many rich web 2.0 community features, which promises to bring great benefits to its users.

On this occasion, CyVee.com and IDG Ventures has signed an investment agreement to become strategic partners. “We are pleased to have IDG Ventures as our investor. Social networks have been experiencing very rapid growth in the word with great potentials. As one of the pioneering website in this space in Vietnam, CyVee.com will use IDG’s investment to continuously improve our features, our infrastructure, and invest in our team.” Said Mr. Ho Quang Khanh, CyVee.com’s Managing Director, who continued: “We aim to bring our users a great online platform to network, build and maintain lasting relationships for business purposes.”

Mr. Nguyen Bao Hoang, IDG Ventures Việt Nam’s Managing Partner added: “The talented team at CyVee.com have built a powerful platform and suite of tools for professionals in Vietnam to exchange information, ideas, and contacts in a reliable and secure way. We are extremely impressed with CyVee.com and believe the professional community of Vietnam will be as well”

About CyVee.com

CyVee.com is a social network for professionals, a place where business-minded people interact, network, exchange knowledge, stay informed, share and discover new opportunities. It is not just a forum, it is a platform to build and strengthen relationships, expand your circle of professional contacts and leverage these networks to advance your career and business.

The most important feature on CyVee is the business networking capability, allows its users to expand their network of relationships and stay in touch with those people. On CyVee, each user will have a profile that can function like a business card, only with more information such as professional background, education, interests, etc… The users can stay in touch with their friends and introduce themselves to new acquaintances. The community is carefully designed and strictly managed to ensure only quality people with genuine intentions stay and participate.

In addition, CyVee.com allows its users to bookmarks and share interesting websites and articles. High quality articles will be voted by everyone and displayed on top, saving other people time by only showing what’s good to read. The users can also exchange ideas, comments and help one another in a particular topic through the Question & Answer and Clubs features.

For more information on free registration, please visit www.cyvee.com. To get more information on the company, please contact:

Ho Quang Khanh
2nd floor, 8 Nguyen Thien Thuat, District 3
About IDG Ventures

IDG Ventures is a global venture capital firm with more than $2 billion under management and a portfolio of over 220 companies built over the past 15 years. The fund pursues investment opportunities across a broad array of technology industry sectors including enterprise software, communications software, Internet enabling software, wireless technologies and services, IT-related technologies and services, media, and biotechnology. With offices in Boston, San Francisco, India, Korea and multiple locations throughout China and Vietnam, the firm invests in early-stage companies, partnering with entrepreneurs to build category leaders. The firm’s limited partner, International Data Group (IDG), is the world’s largest IT media, research, and event company. Through this partnership, IDG Ventures can uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, please visit www.idgventures.com.

For further information, please contact:

Thu Huong Duong
IDG Ventures Vietnam
84-4-220 0348 – Hanoi office
84-8-827 8888 – Hochiminh City office