China's Blued completes Series C round

China Mobile Games and Entertainment Group (CMGE) also participated in the round. According to a release, the total amount raised, including last year's Series C round led by Ventech China with participation by Bertelsmann Asia Investments, DCM and Hong Kong New World Group, comes to "hundreds of millions" of renminbi.

Blued will use the capital to improve its business structure and grow its global user base. The app had 27 million registered users as of February 2016, 6 million of them outside China - the largest international base of any gay community app. The company expects to generate RMB100 million ($15.2 million) in revenue this year, and claims to have reached break-even point.

Along with growing its user base, Blued also plans to expand its corporate social responsibility programs. The company has been recognized by China's government for its AIDS prevention efforts, and intends to pair with companies in the entertainment, marketing, travel and other segments to promote issues of relevance to the gay community both in China and worldwide.

Vision Knight is currently investing out of its second China fund, which launched in 2013 and closed just four years later at $550 million. The firm pursues investments in China's internet, e-commerce and retail sectors; earlier this year it led a RMB1 billion Series C round for peer-to-peer auto loan platform Weidai. It also committed $20 million last year to a pre-IPO round for property manager Zhong Ao Home Group.

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• Topics
• Greater China
• Media
• Technology
• Expansion
• Venture
• China
• Vision Knight Capital
• Bertelsmann Asia Investments
• TMT