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Chinese startup Toutiao raising at least US$2b in funding round

August 11, 2017 5:36 AM
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Chinese startup Toutiao raising at least US$2b in funding round

A logo of Chinese news aggregator Toutiao is pictured in Nanjing, Jiangsu province, China July 4, 2015. — Reuters pic HONG KONG, Aug 11 — Chinese news aggregator Toutiao, backed by Sequoia Capital and CCB International, is raising at least US$2 billion (RM8.59 billion) at a valuation of over US$20 billion in its latest funding round, people familiar with the matter told Reuters.

The fundraising comes after the startup raised US$1 billion at a US$11 billion valuation towards the end of 2016, according to two of the people.

US-based private equity firm General Atlantic is among potential new investors and could be leading the round, one of them said.

Toutiao didn’t immediately respond to Reuters requests for comment. General Atlantic declined to comment.

Source: themalaymailonline.com

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