San Francisco-based higher education company Academia.edu has secured $16 million in Series C funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced March 20 and financed by Tencent Holdings.
According to its Crunchbase profile, "Academia.edu is a platform for academics to share research papers. The company's mission is to accelerate the world's research."
The 11-year-old company has raised five previous funding rounds, including a round in 2016.
The round brings total funding raised by San Francisco companies in internet services over the past month to $886 million, an increase of $288 million from the month before. The local internet services industry has seen 270 funding rounds over the past year, capturing a total of $6.2 billion in venture funding.
In other local funding news, ride sharing company Zimride announced a $6 million Series A funding round on March 31, financed by Mayfield Fund.
According to Crunchbase, "Zimride, sold by Lyft to Enterprise in July 2013, was founded in 2007 to connect users for long-haul rides and carpooling for universities and businesses. The service made the vast majority of its money from SaaS-based ride-matching software that was run privately through individual schools and companies."
The company also raised a $1.2 million seed round in 2010.
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