China-based Social media marketing firm KMSocial has raised tens of millions of dollars in a Series B funding round led by Fosun Venture Capital Investment. Existing investor Fidelity Growth Partners Asia also participated in the said round, according to VentureBeat.

Founder and Chief Executive Officer (CEO) E Wei said the Chinese firm will use the new capital in its research and development of new products. Wei also said the fund will help develop its workforce, the report detailed.

Established in 2010, KMSocial provides social media management tools to help its clients promote their products via social media channels. The company also provides visual maps to show data analysis and other important information, the report explained.

The firm's flagship product is the Kongming Social Management Platform. This product offers different services such as social media monitoring, social network ads, and CRM. The company's official website says around 1,600 firms are now using KMSocial's services, VentureBeat reported.