(Yicai Global) Dec. 1 -- China's original comic platform kuaikanmanhua.com has completed its USD117 million Series-D financing, led by Coatue Management and followed by China Media Capital, Xiang He Capital and other investors, lieyunwang.com reported.
China's animation market hit USD22.5 billion (CNY150 billion) this year, and the market will further grow as comics become the primary reading format for the younger generation, official data show.
After three years of development, kuaikanmanhua.com ranks top among China's comic apps, with its total users -- mainly those born after 1995 -- hitting 130 million, and monthly active users exceeding 30 million. Affiliated to Kuaikan World (Beijing) Technology Co., kuaikanmanhua.com formed in 2014. It has previously completed three rounds of financing worth nearly CNY400 million, including Series-C financing of CNY250 million. Proceeds from Series-D funding will go to building the comic upstream industry chain and cultivate comic authors, said kuaikanmanhua.com, but without revealing its latest valuation.
The platform plans to invest CNY500 million in three years starting next year to build an author service system, produce top comic content and develop comic stars, said Chen Anni, kuaikanmanhua.com founder and chief executive.