A Chinese tech firm just raised a world record funding round: $3.3 billion (UPDATED)

In response to rumors reported in the Chinese press about a record-breaking new fundraising round, a representative of Chinese daily deals company Meituan-Dianping has confirmed to Tech in Asia that the company has indeed raised a US$3.3 billion round. That makes it the largest non-IPO funding round ever raised in the tech industry. Whoa.

The new round was led by Tencent and Trust Bridge Partners, with additional participation from CDB Capital, Capital Today, Baillie Gifford, Temasek Holdings, and the Canada Pension Plan Investment Board, among others. Meituan-Dianping’s valuation is now pegged at at US$18 billion.

Meituan also raised one of the biggest investment rounds of 2015, but that US$700 million series D from Sequoia Capital, Northern Light Venture Capital, and Alibaba (among others) pales in comparison to this new round.

Meituan merged with competitor Dianping last year, with guidance from their respective major investors Alibaba and Tencent. The two services continue to be operated separately. It’s not yet clear how the funds from the new round will be split between the two of them, or precisely what those funds will be used for.

UPDATE: This article was updated on 1/19 to include additional information about the funding round.