Beijing-based Bytedance Technology, operator of online and mobile news portal platform Today's Headlines, has reportedly completed USD 1 bln in Series D funding from investors including Sequoia Capital and an investment firm managed by China Construction Bank (0939.HK; 601939.SZ), according to sources familiar with the matter. Bytedance Technology is valued at approximately USD 11 bln following the transaction.
Liu Zhen, a senior vice president at Bytedance Technology, was responsible for arranging the funding round. Liu was previously a senior vice president at Uber China, responsible for its strategic investments work. Liu left Uber China in late August 2016, following the company's merger with Xiaoju Kuaizhi Inc ("Didi Kuaidi"), operator of Chinese mobile taxi booking and car hire apps Didi Chuxing and Kuaidi Dache. Liu subsequently joined Bytedance Technology to manage its strategic investments work.
In November 2016 rumors began circulating that Bytedance Technology was soliciting USD 1 bln in new financing, mainly to support expansion into overseas markets.
Editor's Note: For more information on this topic, please see "Rumor: Today's Headlines Seeks USD 1 Bln in New Funding," MD 11/08/16 issue.
Keywords: Internet online information service mobile application VC China Construction Bank funding wireless Series D Sequoia Capital Bytedance Today's Headlines Liu Zhen 0939.HK valuation mobile information service 601939.SZ