AVCJ

ByteDance invests $26m in Chinese talent manager

  • Larissa Ku
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Chinese celebrity management agency Mountain Top has closed a RMB180 million ($26 million) Serie B funding round provided by ByteDance Technology, operator of the Toutiao news aggregation and TikTok short video platforms.

The company previously received RMB120 million in Series A funding in 2017 from ZhenFund, Everbright Capital, and Lighthouse Capital, according to AVCJ research.

Founded in 2015, Mountain Top is best known for representing comedian Papai Jiang, who publishes video blogs. Ming Yang, the firm's founder, was a classmate of Jiang. Together, they established Papitube in 2016, which operates as an incubator for online celebrities, with more than 160 contracted key opinion leaders. Papitube has become part of the Mountain Top platform.

Mountain Top has around 50 contracted entertainers with a cumulative 500 million fans. It has invested in nine films and TV series, including 2019 science-fiction blockbuster "The Wandering Earth," one of the highest-grossing Chinese movies to date. Mountain Top's movie portfolio has generated box office revenue of RMB5.5 million.

The company aims to create a new entertainment economy based on strong online support. Mountain Top said in a statement that it has expanded into retail marketing, securing customers such as cosmetic brand Lancome and the Singapore Tourism Board.

https://www.avcj.com/avcj/news/3014311/chinas-cic-launches-fund-with-eurazeo-bnp

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