ByteDance, owner of the short-video app
TikTok, has increased its investment in Roblox competitor Reworld by nearly 100 million yuan (US$15.3 million), according to people familiar with the matter, as the company seeks its own so-called metaverse platform in its escalating rivalry with video game giant
Tencent Holdings.
With the new investment, Reworld added ByteDance’s head of gaming Yan Shou to its board of directors, awarding him an undisclosed number of shares, according to Tianyancha and Qichacha, Chinese platforms that track public registrations of Chinese businesses. ByteDance had previously invested US$43 million in Reworld.