KPCB leads $50m round for China video app
KPCB has led a $50 million Series C round of funding for Chinese video app Miaopai, with participation from Sina, Redpoint Ventures and StarVC, a VC firm launched by a group of Chinese celebrities.
Wei Zhou, managing partner at KPCB, will join the board of directors at Miaopai, local media reported.
Chinese microblogging Sina Weibo is a strategic partner of Miaopai, which enables users to shoot up to 10 seconds of footage and then edit before sharing on Weibo. To promote the services, Weibo has invited hundreds of Chinese celebrities to use Miaopai since its launch in August last year. Now the app has over 20 million users.
Miaopai, developed by Beijing-based Xuanyixia, is a revamped version of mobile app Yixia. Founded in 2011, the company secured angel funding from Morningside Technologies, while Redpoint provided a Series A round. In September, Yixia clinched $25 million in Series B funding to help develop its mobile apps and services. Sina led the round, which also counted Redpoint and Morningside among the investors.
Miaopai will use the new funding for products upgrade and strategic expansion.
StarVC was founded in July by Chinese actress Bingbing Li, and actors Xiaoming Huang and Quan Ren. It focuses on internet start-ups in China.
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