Venture-Backed Chinese Mobile App Momo Files For US IPO

Beijing-based Chinese mobile social instant message app developer Momo Inc., backed by a long list of venture capital and private equity firms, has filed for an IPO on the NASDAQ, according to a regulatory filing.

Details of the pricing and timing of the IPO have yet to be determined.

Established in 2011, Momo raised series B financing in 2012, receiving US$6.5 million from Matrix Partners, US$20.7 million from Alibaba Group Holdings, through Alibaba Investment Limited, as well as US$1.5 million from DST Global, an investment firm founded by Russian businessman Yuri Milner.

In 2013, the company completed series C financing, in which Matrix invested US$13 million, Alibaba injected US$10 million and DST Global put in another US$10 million.

In its latest financing round in April 2014, Sequoia Capital invested US$90 million, Yunfeng Capital, co-founded by Alibaba’s founder Jack Ma, injected US$90 million and U.S. investment firm Tiger Global Management invested US$31.8 million, according to the filing.

Momo says it is among the top three mobile social instant message apps in China, with 180 million registered users and 60 million monthly active users.

China Expert network