PE-backed Bigo raises $272m Series D

According to a statement, the deal makes YY, an existing investor in Bigo, the company’s largest shareholder. YY has also secured the right to obtain as much as a 50.1% stake by buying additional shares one year after closing the current transaction.

Additional investors in the Series D include David Li, chairman and acting CEO of YY, who invested in his personal capacity. It follows a Series C of undisclosed size last year from a Hong Kong unit of Ping An that brought the company’s valuation to $400 million.

Founded in 2015, Bigo operates a number of content distribution channels across Asia and the Middle East, including interactive game broadcasting platform Cube TV, and Like, a short-form video editing and sharing platform. Its namesake product is a live streaming service that operates globally except in China.

YY has described the company as fast-growing and highlighted its ability to create a global online community of young users. Previous investors also include Bertelsmann Asia Investment Fund, Morningside Venture Capital, and Banyan Capital, which rebranded last month as Gaorong Capital.

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