Qihoo 360 Co-Leads $100M Round In Mobi Magic

Mobi Magic, a mobile app developer backed by Qihoo 360 Technology Co. Ltd., has raised a US$100 million round co-led by Qihoo 360 and Frees Fund, according to an article by state-owned China News Services.

The start-up received over US$80 million investment in 2015 from Qihoo 360 and an executive from Beijing Kunlun Tech Co., Ltd., a Shenzhen-listed games and software developer.

Founded in 2013, Mobi Magic is behind the 360 Android security apps, which provide anti-virus protection, memory usage optimization, and cleaning software.

As of the end of 2015, 360 Security has 300 million users globally, according to the article.

Frees Fund, founded by former IDG Capital Partners executives, launched its debut RMB fund with a RMB920 million (US$141 million) first closing last September.