Goldman, Temasek investing $110m in Cloudary

Cloudary Corp - an online literature platform owned by interactive media giant Shanda Group - said on Tuesday that it raised about $110 million through private placements from Goldman Sachs Investments Holdings (Asia) Ltd and Singapore-based investment company Temasek Holdings.

The two sides did not reveal the specific stakes in the investment.

Funds will primarily be used to further boost Cloudary's incentive scheme for writers, secure commercially valuable literary content and develop mobile Internet products and applications, according to a statement issued by the company.