
China video app developer Yixia raises $500m round
Chinese social media platform Weibo Corporation has led a $500 million Series E round of funding for Yixia Technology, a Beijing-based video app developer.
Weibo, which is already an investor in Yixia, said in a filing that it has contributed $120 million in the latest round. Other investors include Shanghai Media Group, Beijing Weiying Times Technology, iDreamSky Technology, an industry-focused fund managed by China Everbright and Focus Media, Advantech Capital, and fund-of-funds Axiom Asia.
Founded in 2011, Yixia has produced three mobile apps: Miaopai, which enables users to shoot up to 10 seconds of footage and share it on the Weibo microblogging site; mobile video dubbing app Xiaokaxiu; and mobile live broadcast platform Yizhibo. The company said in a press conference in China that Miaopai and Xiaokaxiu's apps have more than 1.5 billion video uploads every day, with 70 million daily active users.
The company secured angel funding from Morningside Venture Capital when it incorporated, while Redpoint Ventures provided a Series A round. In 2013, Yixia clinched $25 million in Series B funding to help develop its mobile apps and services. Sina Weibo led the round, with Redpoint and Morningside also took part.
In 2014, KPCB led a $50 million Series C round for the company, with participation from Sina, Redpoint and StarVC, a VC firm launched by a group of Chinese celebrities. Last year, Weibo led a $200 million Series D round and was joined by Sequoia Capital China and South Korean entertainment firm YG Entertainment.
The latest investment will be used to expand Yixia's market share in China's video entertainment industry and develop its brand.
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.