China's VC-backed DotC United raises $350m Series B

According to a filing, Shenzhen-listed gaming business Dalian Zeus Entertainment will sell its mobile advertising subsidiary Avazu Holdings - which is worth RMB2.22 billion ($328 million) - to DotC in return for shares in the company. As a result Dalian Zeus will become the second-largest shareholder in DotC. 

DotC was launched by Avazu – of which Dalian Zeus is the ultimate owner – in 2015. The company develops mobile apps for overseas markets. Four of its apps are available in the Google Play store, including wi-fi management tool Swift Wifi, mobile keyboard app Flash Keyboard and mobile security protection app Supo Security. As of March, the apps have been downloaded more than 45 million times.

The company raised a RMB300 million ($44 million) Series A round last year, featuring a group of VC investors including Banyan Capital, Chengwei Capital, Morningside Venture Capital, Bertelsmann Asia Investment, and Lightspeed China Partners.

DotC plans to further commercialize its products, with a view to listing overseas within the next few years, a statement said.   

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Technology
• Early-stage
• China
• TMT
• Venture
• Media