Chinese startup Toutiao raising at least US$2b in funding round: sources
[HONG KONG] Chinese news aggregator Toutiao, backed by Sequoia Capital and CCB International, is raising at least US$2 billion at a valuation of over US$20 billion in its latest funding round, people familiar with the matter told Reuters.
The fundraising comes after the startup raised US$1 billion at a US$11 billion valuation towards the end of 2016, according to two of the people.
US-based private equity firm General Atlantic is among potential new investors and could be leading the round, one of them said.
Toutiao didn't immediately respond to Reuters requests for comment. General Atlantic declined to comment.
The sources declined to be identified as the talks were not public.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Chinese tariffs could leave cognac makers with too much brandy
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore
South Korea to slap fines on food suppliers for ‘shrinkflation’
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales