Milestone Capital Leads Series A Round For Joyworks

Beijing-based online animations and comics producer Peking Joyworks Culture & Media has raised "tens of millions RMB" in series A funding led by Milestone Capital, according to Chinese media reports.

The specific investment amount was not disclosed.

The company says it will use the proceeds on product innovation, editorial team expansion and distribution channels improvement.

Founded in 2011, Joyworks currently have reached agreement with five local literacy websites. It creates over 100 comic books every month and distributes over 300 comic books through publishing, online platform and mobile devices.

Joyworks is previously known as Beijing Culture Communication Co., Ltd.

Founded in 2002, Milestone Capital manages three U.S. dollar-denominated funds and one RMB fund. The firm has invested in over 30 companies in China including Focus Media, Trina Solar and Xiao Nan Guo.

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