Tencent-backed comics app Kuaikan turns unicorn in US$240 million funding round
- Kuaikan World (Beijing) Technology’s latest funding round elevated it to unicorn status
- The US$240 million investment raised by the start-up is the largest fundraising deal in China’s comics industry
The investment is the largest fundraising deal in China’s comics industry, with participation from CCB International, South Korean app marketplace One Store and existing backers like Tencent and Coatue Management, the Beijing-based start-up said in a statement on Monday.
The Series F round was conducted at a valuation of around US$1.25 billion, according to a person familiar with the matter, asking to not be identified discussing private information.
The start-up did not immediately respond to requests for comment on the valuation.
Revenue for the start-up’s 2020 financial year grew 27 per cent to 437.7 million yuan (US$67.4 million), while gross profit surged 42 per cent to 133.2 million yuan, according to an investor deck viewed by Bloomberg News.