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Tencent Leads Pre-IPO Funding of News and Video Aggregation App 'Fun Headlines'

PE Daily, 3/15/18

Jifen Culture Communication, the Shanghai-based developer of mobile news and video aggregation app "Qu Toutiao" (literally "Fun Headlines"), recently completed a pre-IPO funding round of over USD 100 mln led by Chinese internet conglomerate Tencent (0700.HK) at a valuation of between USD 1.3 and 1.5 bln. The completion of the funding makes Qu Toutiao a newly minted unicorn in the field of content.

Qu Toutiao, founded in June 2016, provides personalized content and news services to users in third-, fourth-, and fifth-tier cities. Qu Toutiao's independent media platform allows celebrities, offline media, enterprise organizations, and state agencies to register to provide content. Qu Toutiao currently has more than 8,000 independent media providers and over 7 mln daily active users.

Qu Toutiao previously won RMB 8-digit Series A funding from Yixin Asset Management in May 2017, and USD 8-digit Series B funding in October 2017 led by China Media Capital and with participation from Chengwei Capital and Redpoint Ventures.

Keywords: Jifen Culture Communication mobile video M&A funding valuation wireless Tencent 0700.HK Qu Toutiao mobile information service

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