China’s Weibo leads $200m round for video app maker
Chinese social media platform Weibo Corporation has led a $200 million Series D round of funding for Yixia Technology, a Beijing-based mobile video app developer.
Sequoia Capital and South Korean entertainment firm YG Entertainment also participated. The round values the company at more than $1 billion.
Founded in 2011, Yixia is the developer of mobile apps Miaopai and Xiaokaxiu, which enable users to shoot up to 10 seconds of footage and then edit it before sharing online. The company said the Miaopai app has over one million video uploads every day, while Xiaokaxiu has more than five million daily active users.
The company secured angel funding from Morningside Venture when it incorporated, while Redpoint Ventures provided a Series A round. In 2013, Yixia clinched $25 million in Series B funding to help develop its mobile apps and services. Sina Weibo led the round, with Redpoint and Morningside also participating.
Last year, KPCB led a $50 million Series C round for the company, with participation from Sina, Redpoint Ventures and StarVC, a VC firm launched by a group of Chinese celebrities.
The new capital will be used to expand into content production and other areas along the media supply chain, Kun Han, Yixia's CEO, told local media. The company also announced plans to launch a $100 million investment fund to back start-ups operating in the fields of mobile video and entertainment.
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