China: News app Toutiao nabs $1b from Sequoia, CCB International at $11b valuation

100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013. REUTERS/Jason Lee/Files

One of the most talked about startups in China Toutiao, a personalized news app, has pocketed $1 billion in a series D funding round from returning backer Sequoia Capital and CCB International, the investment arm of China Construction Bank, at a whopping $11 billion valuation, as per a report in Technode.

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