Tiantu leads $36m round for China comic site
China consumer-focused GP Tiantu Capital has led a RMB250 million ($36 million) Series C round of funding for Kuaikan Comic, a mobile app designed for reading comic books.
Sequoia Capital, GX Capital, Engage Capital and Chinese news reader app Today's Headlines also participated in the round.
Beijing-based Kuaikan was founded by Chinese comic artist Anni Chen in 2014. She began posting her drawings on microblogging site Weibo in late 2011, detailing her life as a university undergraduate. Her story resonated with young people, and once Chen had built up a critical mass of followers, she launched Kuaikan as a paltform for other comic artists to publish original work.
Kuaikan now has more than 500 contracted authors contributing about 1,000 comic series. It has attracted approximately 70 million registered users, with daily active readers totaling 7.27 million, Chen told local media. The company has also formed partnerships with Chinese movie studios, making films based on comic stories.
The start-up will use the new funding to develop content provided by an in-house team and external contributors.
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