Tangdou, an online video portal and mobile app for group dance exercises, has attracted $5 million investment from venture capital firms IDG Capital and Frees Fund, according to a report by China Money Network.
The investment comes as a part of a $20 million round raised by the company. The first tranche of the round was raised a couple of months ago when the company got $15 million from Shunwei Capital, Legend Capital, Engage Capital and Redpoint Ventures.
As per the report, the company plans to invest the latest round of funding on marketing and operational improvement. It plans to expand its content and services into the larger well-being and health aspect in the future.
The Tangdou app provides free dancing tutorials for beginners, live streaming services, and well as a communication platform that allows users to connect with each other. As compared to other similar apps that are aimed at the youth, this platform is targeted at people aged above 35 years.
According to the China Money report, at the end of 2015, there were 222 million people in China above the age of 60 amounting to 16.1 per cent of the total population while people above the age of 35 stood at 950 million equaling 70 per cent of the overall population, presenting a huge opportunity.
“This population has been overlooked,” Zhang Yuan, founder of Tangdou, told Chinese media. “We give them a platform to learn new dances, meet other dancers, post videos of their performances. These are all things they would like to share with friends and family.”
Tangdou’s mobile app was launched in 2015, and the company claims to have 2.5 million daily active users at present.