China's Tiantu Capital has led a RMB250 million (US$36 million ) series C round funding in Kuaikan Manhua, an online and mobile platform for original online comic art work targeting young viewers.
Sequoia Capital, GX Capital, Engage Capital and Toutiao.com also participated in the round, which values the start-up at over RMB1 billion (US$140 million) post-money.
"China's animation and comics content market is in the initial development stage. It is also an area that the Chinese government encourages," said Neil Shen, founding managing partner at Sequoia Capital China. "Kuaikan Manhua focuses on a niche market and has successfully established a leading position."
Founded in 2014 by a well-known animation artist Chen Anni, Beijing-based Kuaikan Manhua currently has active monthly readers of 24.6 million. It has signed over 500 popular animation and comic artists with over 150 comic art work each with a fan base of over one million.
The company previously raised RMB100 million (US$14 million) in a series B financing round from unnamed investors in 2015.