Kuaidian closes near-USD100m Series C round led by Sequoia

Kuaidian, the young people’s interactive entertainment platform, announced on July 7 the completion of its Series C round led by Sequoia Capital China, with participation from existing investors including GGV Capital, Morningside Venture Capital, raising nearly 100 million US dollars.

Kuaidian, the young people’s interactive entertainment platform, announced on July 7 the completion of its Series C round led by Sequoia Capital China, with participation from existing investors including GGV Capital,Morningside Venture Capital, raising nearly 100 million US dollars.

Proceeds from this round of financing will be used for platform content ecological construction, IP building, product function optimization, team building. Yiqiu Capital serves as the company’s long-term sole financial advisor.

Developer of a mobile application intended to offer novel reading content.

The company’s mobile application, which was launched in May 2017, provides users with user generated content (UGC) and allows users to immerse themselves in the story through dialogues, providing an immersive, interactive experience for novel reading.

There are 20% of users creating and 50% of users interacting on the platform each month. These engagement metrics far exceed what is typically found in online communities.

In 2019, Kuaidian began to experiment with commercialization through advertising and membership value-added services, the company’s monthly revenue flow quickly increased to 10 million yuan. There will be more extensive commercialization attempts in the future.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/07/09/kuaidian-closes-near-usd100m-series-c-round-led-by-sequoia/.

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