China’s ByteDance to raise about US$1.45 billion for its venture fund
- The world’s most valuable start-up is in talks with investors including major Chinese government-led funds and state-owned investment banks
ByteDance, the world’s most valuable start-up, is in talks to raise about US$1.45 billion to invest in artificial intelligence and media content, according to a report by The Information on Friday.
The Beijing-based company, which runs news aggregation site Jinri Toutiao and video app Douyin (known as Tik Tok outside mainland China), is in talks with investors including major Chinese government-led funds and state-owned investment banks, the report said.
ByteDance said it had no comment to offer on the matter.
The company’s latest fundraising initiative comes after its reported completion of a US$3 billion funding round that put the value of the start-up as high as US$75 billion, more than ride-hailing service provider Uber Technologies at US$72 billion.