Global investment manger Coatue Management LLC has led a US$177 million series D round in Kuaikan Manhua, a Chinese online and mobile platform for original comic art work targeting young viewers.
China Media Capital and Xianghe Capital also participated in the round, according to a company announcement.
It is unclear how Kuaikan Manhua is valued in the round, it was valued at US$140 million when it last raised a US$36 million series C round this January. The company did not respond immediately to an inquiry from China Money Network to confirm its valuation.
Kuaikan Manhua was founded in 2014 by Chinese animation artist Chen Annie, who is known for her pen name Great Annie. Currently, the platform has nearly 10 million daily active users and 130 million registered users.
"Compared with developed country, Chinese comic art market has great potential, especially fast-growing demand from millennials," said Jiang Kai, a director at Coatue. "Kuaikan Manhua has deep understanding of the market and the desires of China’s young generations. Coatue is optimistic about the development of the entertainment industry in China, and will continue to invest in this field."
Kuankan Manhua previously raised a RMB250 million (US$36 million) series C round this January led by Tiantu Capital with participation from Sequoia Capital China, GX Capital, Engage Capital and Toutiao. Two years prior, it also received RMB100 million (US$14 million) from unnamed investors.
The firm plans to use the latest proceeds to develop up stream industry chain, support comic artists, produce high-quality content and improve the ecosystem of Chinese comic art industry.