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Investment, Private Equity

Tencent Leads $350M Round In Video App Popular Among China's Farmers And Migrant Workers

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Kuai Shou, a video sharing and streaming platform popular among farmers and migrant workers, received US$350 million led by Tencent.

Tencent Holdings Ltd. has led a US$350 million series D round in Beijing-based Kuai Shou, a video sharing mobile app with a focus on content popular among China's farmers and migrant workers, according to Tencent's own news platform Tencent Technology.

The company did not disclose its valuation in the latest round and whether its existing investors including Baidu Inc. participated in the round. But Kuai Shou was reportedly valued at US$2 billion last year after its series C financing round.

In addition, Ma Hongbin, former senior operating manager at Meituan Waimai, an online food ordering platform under Meituan-Dianping, joined Kuai Shou without disclosing his position, according to the media reports.

Founded in 2011, Kuai Shou currently has 400 million cumulative users and over 50 million daily active users with more than five million videos uploaded everyday.

Kuai Shou is best known for its sometimes bizarre and gruesome videos, including showing an elderly woman eating a light bulb and pieces of broken glass, or people eating raw meat and maggot. Last year, Kuai Shou also launched a live video streaming platform to allow users watch live video shows.

The company previously raised a US$10 million series B round from DCM China and Sequoia Capital China in 2014, and received tens of millions U.S. dollar from Baidu and China Media Capital last year at a US$2 billion valuation.

Some of its competitors, such as Qihoo 360 Technology Co. Ltd.-backed Huajiao Live Video, raised a RMB300 million (US$45 million) series A round last September. Anther rival, Baobao raised RMB100 million (US$15 million) in a series B round from Meridian Capital China, Tencent Holdings Ltd., GGV Capital and Shunwei Capital.





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