Ping An leads Series C for Singapore’s Bigo Live
Bigo Live, a Singapore-based social video streaming app, has raised a Series C round of funding from a Hong Kong-based investment arm of Ping An Insurance Group.
Financial terms weren’t disclosed. The round brings Bigo's total funding to $180 million to date and its valuation to $400 million.
Founded in 2015, Bigo is a live streaming platform that targets users aged 18 to 25. It has attracted 70 million registered users globally -most of them in Southeast Asia – with average usage time of 40 minutes per day. There are nearly 30 million monthly active users.
The company previously raised capital from Chinese social video network YY and its founder David Li, Bertelsmann Asia Investment Fund (BAI), Morningside Venture Capital and Banyan Capital, it told 36kr.
With the new funding, Bigo plans to enrich its online content and expand its market share in Europe, the US, India, Russia and the Middle East.
DLA Piper acted as the legal advisor to Ping An.
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