Shanghai-based Yitiao Network Technology, operator of mobile and online video and e-commerce platform Yitiao, recently completed Series C+ funding led by B2C e-commerce platform JD.com (Nasdaq: JD) and Magi Capital, with participation from previous investor Trust Bridge Partners, for a post-money valuation of over USD 500 mln.
Yitiao is a lifestyle video content media platform aimed primarily at a middle-class user-base. Content on the platform takes the form of short videos that combine images and captions.
Yitiao operates via its mobile app and official account on Tencent's (0700.HK) WeChat mobile messaging app, in which it also has a self-operated e-commerce channel called 'Shenghuoguan' which sells tea-related items, hand-made soap, tables, chairs and other lifestyle products. The company also publishes original, largely lifestyle-focused content on Tencent Video, Youku Tudou, Sina Weibo and other similar video platforms.
In the next two years, Yitiao aims to open 100 offline stores.
Editor's Note: For more information on this topic, please see Update: Lifestyle Video and E-commerce Platform 'Yitiao' Wins USD 40 Mln Series C, MD 9/27/17 issue.