Video Sharing App Kuaishou Raises USD350 Million in Tencent-Led Financing Round
Yicai Global
/SOURCE : Yicai
Video Sharing App Kuaishou Raises USD350 Million in Tencent-Led Financing Round
(Yicai Global) March 23 -- Kuahou, an app for sharing photos and videos, announced that it raed USD350 million in a new round of financing led by Chinese Internet giant Tencent Holdings Ltd. [HKG:0700], the Tencent Science Channel (Tech.qq.com) reported today. /n/n/n/n/n Yixiao Science and Technology Development Co., which developed Kuahou, did not say if its exting shareholders, including search engine giant Baidu Inc. [NASDAQ:BIDU], participated.

The Beijing-based developer launched Kuahou, which initially offered GIF animation production tools, in 2011. The app segued into a short video making platform in November 2012. It launched a live broadcasting function last year.

Kuahou has over 400 million users, its official data shows. The number of daily active users on the app surpassed 50 million th year, and more than 5 million videos are uploaded on it daily. The fact that many users are from small cities and rural areas attracted the media's attention.

Kuahou has denied reports that it would lt in the US in the second half of th year. The company said that it still at the stage of private financing, and its main objectives are to enhance its product and to serve more users.

The app previously completed three rounds of financing, receiving investments from MorningSide Ventures, Sequoia Capital, Baidu, China Media Capital and others groups.

The funds raed in the recent round will be used to make improvements and carry out technological research and development. Kuahou will deepen its cooperation with Tencent and Baidu in areas including tech and service to upgrade users' all-around experience.

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