Video software developer Baofeng.com attracted US$15 million in venture capital funding from Matrix Partners China and IDG during its third bout of fundraising, the Shanghai Securities News reported. It was one of the few venture capital deals that Chinese internet-related firms have closed recently, the newspaper said. Baofeng CEO Feng Xin said he had been worried the third bout of fundraising could be aborted after Lehman Brothers collapsed. He declined to comment on the company’s IPO plans. Matrix Partners China partner Zhang Ying said it chose Baofeng because of its 100% annual pace of growth. It aims to register a monthly profit of RMB5-10 million (US$726,234–1.46 million) in 2009. Baofeng received US$9 million in two injections from IDG in October 2006 and April 2007 respectively.