DCM leads $30m Series B for China gay social app
DCM has led a $30 million Series B round of funding for Blued, a Chinese gay dating app.
The transaction values the company at $300 million, Blued said on its Sina Weibo microblog. Earlier this year, the firm received RMB10 million ($1.6 million) in Series A funding from Crystal Stream. Zhonglu Capital provided seed capital for the firm.
Blued has attracted more than 15 million users, including three million from overseas, since its launch last year. The new funding will be used for hiring and product upgrades. Blued founder Le Gang believes China has as many as 70 million gay people.
David Chao, co-founder of DCM, told local media that the firm is seeing rising demand for gay social networking mobile platforms. DCM will leverage its international resources to support Blued's global expansion.
In September, DCM launched a $170 million China-focused VC fund to make follow-on investments in later-stage portfolio companies, which received $25 million from San Francisco Employees Retirement System (SFERS). The new vehicle comes several months after the firm closed its latest main VC fund - DCM VII - at $330 million.
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