In brief: Bytedance said to have closed $3b funding at $75b value

Bytedance has closed US$3 billion of funding from SoftBank and other major investors at a valuation of US$75 billion, cementing its position as the world’s biggest privately backed startup, according to people familiar with the matter.

The deal, which also involves KKR & Co. and General Atlantic, represents a major infusion of cash that will quicken the Chinese media giant’s expansion beyond its home turf. SoftBank aimed to invest about US$1.8 billion depending on the availability of secondary shares, one of the people said, declining to be named because the talks were confidential.

Source: Bloomberg

Bytedance owns news aggregator Toutiao and video sensation Tik Tok. It has surpassed Uber to become the world’s most valuable startup. The US ride-hailer is reportedly worth US$72 billion.

Bytedance has been embroiled in a legal spat with rival Tencent and continuously faces the risk of censorship amid China’s stricter media control.