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Deepti Sri · · 1 min readTencent-backed Chinese comics app enters unicorn club after $240m fundraise
“Kuaikan, a comics app backed by Tencent, has raised US$240 million in a new funding round that elevated it to unicorn status, giving the company a boost as competition in China’s online entertainment arena intensifies,” Bloomberg reported.
Details:
- Existing investors, including Tencent and Coatue Management, took part in Kuaikan’s latest funding round, alongside CCB International and One Store, a South Korean marketplace for apps.
- The fresh financing round reportedly lifts the comic book app’s valuation to US$1.25 billion.
Dive deeper:
- Founded in 2014, Kuaikan said that the platform has was currently seeing about 50 million monthly active users, up from 40 million two years ago.
- In 2019, the company raised US$125 million in a financing round led by Tencent to be used to grow its intellectual property and community businesses.
Editing by Collin Furtado and Arpit Nayak
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